Uniswap Continues Downward Move, Faces Rejection at $23

Uniswap (UNI) is in a downtrend after falling below its moving averages. On the November 12 breakout, UNI fell to a low of $18.75 as bulls bought the dips.

UNI price corrected higher as buyers pushed the altcoin to previous highs. The upward correction was short-lived as it was rejected at the $23 high. 

From the $23 high, sellers pushed the cryptocurrency to a low of $19 after it fell below the 21-day moving average. The cryptocurrency is likely to fall further as it is below the moving averages. On the other hand, selling pressure is likely to ease due to the presence of long candlestick tails. The long candlestick tail indicates that support at $18 is a strong buying pressure. In other words: if the current support holds, UNI/USD will resume its upward trend. 

Uniswap indicator reading

The cryptocurrency is at the 39 level of the Relative Strength Index for the period 14. UNI is still in the downward zone and is capable of falling downwards. UNI is in bearish momentum as it is below the 50% area of the daily stochastic. Also, the price bars are below the moving average, which indicates a downward movement.

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 as the price has fallen below the moving averages. Meanwhile, on October 26, the downtrend tested the 38.6% Fibonacci retracement level, which was retracted by a candlestick. The retracement suggests that UNI will fall to the 2.618 Fibonacci Extension level or $15.58.

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.