Uniswap Is in a Range as It Challenges $10 Overhead Resistance
Aug 13, 2022 at 10:50 //
PriceSince July 28, the price of Uniswap (UNI) has been below the $10 resistance zone. In the last two weeks, the uptrend has stalled as the altcoin has resumed a sideways movement. The $10 price level is an overbought area of the market. The bulls have failed to break the over $10 resistance as the altcoin has resumed its sideways trend.
At the time of writing, UNI is trading at $9.13. Should UNI break above the current support, the market could rise to the high of $14 or $15. However, the bears will try to break below the moving average lines if the bulls fail to break above resistance. UNI will fall to the low of $6.65. Meanwhile, the altcoin is fluctuating between $8.10 and $9.60 price levels. The cryptocurrency will develop a trend when the fluctuation ranges are broken.
Uniswap indicator analysis
Uniswap is at level 61 of the Relative Strength Index for the period 14. The cryptocurrency is in the uptrend zone, but the upward price movement is stuck below the $10 resistance zone. The price bars are above the moving average lines, which means that the uptrend is continuing. The altcoin is above the 70% area of the daily stochastic. The market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.
Technical Indicators:
Key Resistance Zones: $12.00, $14.00, $16.00
Key Support Zones: $10.00, $8.00, $6.00
What is the next direction for Uniswap?
Uniswap's uptrend has stalled due to strong resistance from the $10 upper level. The uptrend is likely to continue once the upper resistance is broken. Meanwhile, the uptrend from July 28 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that UNI will rise to the 2.0 Fibonacci extension level or to the $13.19 level.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow