Uniswap Pulls Back in the Oversold Region, Resumes a New Uptrend

The price of Uniswap (UNI) fell below the moving averages when the cryptocurrency hit the low of $19. Later, the bulls bought the dips.

Further selling pressure is expected as the altcoin retook the previous lows at $18.50 and $17. Currently, the altcoin has fallen to support above $19, which is the historical price level from September 26. On September 26, UNI recovered from the current support and reached the high of $28. 

Today, buyers are pushing the altcoin to reach the previous high. However, the uptrend could face resistance at the $24 high. UNI/USD could face renewed selling pressure if it encounters rejection at $24 and current support is also breached. The market could continue to trend lower. Meanwhile, the downtrend from October 27 has shown a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that UNI will fall to the 2.618 Fibonacci Extension level or $15.34.

Uniswap indicator reading

UNI is at the level 36 of the Relative Strength Index for the period 14. The cryptocurrency has fallen into the downtrend zone and may continue to trend downwards. UNI/USD has resumed its bullish momentum as it is above the 60% area of the daily stochastic. The moving averages of the 21-day line and the 50-day line are bearish, indicating a downtrend. 

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

UNI/USD is in a downtrend after rejecting the high at $28. The cryptocurrency is trading at $21.43 at the time of writing. Meanwhile, a downtrend started on November 16. A retracement candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall but reverse at the 1.272 Fibonacci extension level, or $21.40.

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.