Uniswap Is in a Tight Range, Faces Strong Rejection at $26 Resistance

The price of Uniswap (UNI) has continued its sideways movement as the cryptocurrency trades in a tighter range. UNI is struggling to trade between $25.20 and $26 price levels.

Today, buyers are trying to push the altcoin above the $26 high. This price action will take the altcoin into the bullish trend zone. Subsequently, UNI/USD will rise to retest the upper resistance at $27.50. Since October 3, buyers have failed to keep the price above the $27.50 high. A break above the overhead resistance will prompt the altcoin to retest its previous high of $31. A failure by the bulls will cause the market to fall back to the previous border areas between $23 and 26. 

Uniswap indicator reading

Altcoin is at level 50 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The price of the altcoin is currently below the 21-day line and the 50-day moving averages line, indicating a possible decline. The cryptocurrency is below the 50% area of the daily stochastics. Bullish momentum has fizzled out as stochastic bands continue to fluctuate.

Technical indicators:  

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $30.00 and $28.00

What is the next direction for Uniswap?

On the 1-hour chart, UNI/USD is not yet trending as it is consolidating in a narrow range. The uptrend will continue if the price breaks above the moving averages and breaks the resistance at $26. However, the upside move could fail if the small body candlesticks dominate the price action.

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 Coin Idol. Readers should do their own research before investing funds.

Source: Read Full Article

click fraud detection