Uniswap Resumes Downward After Retesting the $21 High
Uniswap's (UNI) price has continued to fall after dropping below its moving averages. Uniswap has fallen to the low of $18 and there is a tendency of further downward movement of the cryptocurrency.
The price of UNI first broke the previous low at $21 and then retreated to retest it. The retest of the previous low suggests that the downward movement will continue. The altcoin will continue to fall to the low of $10. However, the cryptocurrency asset will first find support above the $14 low, and if this support holds, it will signal the resumption of an uptrend. Support at $14 was the previous low in June and July where the market reversed and turned back up.
Uniswap indicator reading
The altcoin is at level 38 on the Relative Strength Index for period 14, indicating that UNI is in a downtrend and approaching the oversold area of the market. The bearish momentum will be exhausted if the altcoin falls below the level of 30. Moreover, buyers will emerge in the oversold region. UNI is already below the 20% area of the daily stochastic. This suggests that it is oversold.
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap
The price of Uniswap (UNI) is in a downtrend. The downward move is certain as it breaks the previous low and retests it. Meanwhile, the price completed a downtrend on September 7; a retracement candlestick tested the 50% Fibonacci retracement level. The retracement suggests that the price of UNI will fall to the 2.0 Fibonacci extension level or the $10.41 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 Coin Idol. Readers should do their own research before investing funds.
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