Uniswap Trades in a Narrow Range and Challenges the High at $7.00
Sep 17, 2022 at 11:30 //
PriceUniswap (UNI) price is in a downtrend, falling to the low of $5.81. Selling pressure has eased as the altcoin continues to consolidate above the $5.71 support.
Uniswap price long-term analysis: bearish
Since August 28, the cryptocurrency has been trading in a narrow range between $5.71 and $7.00. To the upside, the upside moves are limited by the 50-day line SMA or the resistance at $7.00.
For example, buyers broke through the 21-day line SMA on September 6 and 12, but were rebuffed from the recent high. Further upside is doubtful. However, if UNI rallies, resistance at $7.00 or the 50-day line SMA will be broken. The altcoin will rise and retarget the overhead resistance at $9.80. UNI is trading below the 21-day line SMA. On the downside, UNI may face renewed selling pressure if it turns down from the 21-day line SMA.
Uniswap indicator analysis
The Uniswap indicator is at the 40 level of the Relative Strength Index for the 14 period. It indicates that UNI is still in a downtrend and may continue to decline. The price of the cryptocurrency is below the moving average lines, which indicates a further decline. UNI is above the 40% area of the daily stochastic. This indicates that the market is in a bullish momentum, but it has subsided.
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 is in a downtrend as it falls below the moving average line. The current selling pressure has eased as it has reached the oversold area of the market. Meanwhile, on September 14 downtrend. a retreated candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will rise to the level of the Fibonacci extension of 1.272 or to the level of $ 5.77.
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 in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow