Uniswap Price Retraces of $21.50 Resistance, Poises for a New Uptrend
Uniswap's price (UNI) has been on a positive trend, reaching a high of $21.50. However, at the time of writing, it is on the pullback to move higher.
Uniswap (UNI) Price Long Term Forecast: Bullish
The retracement candles are showing long protruding tails, indicating strong buying pressure at lower price levels. The current retracement will reach a low of $20.50 before resuming the current trend. The upward movement of the cryptocurrency is likely as the UNI price has risen above the moving averages. This indicates a continued uptrend. If buyers push the cryptocurrency above the high of $21.50, UNI /USD will continue to rise to the high of $27.
The current pullback is due to UNI reaching the overbought area of the market. However, the RSI suggests otherwise as the altcoin still has room to move up.
Uniswap (UNI) indicator reading
Altcoin is at level 61 on the Relative Strength Index for period 14, indicating that altcoin is in uptrend territory and has room to move higher. The uptrend continues as the price breaks the resistance line of the ascending channel and closes above it. The altcoin is above the 80% area of the daily stochastic. This indicates that the cryptocurrency is trading in the overbought zone of the market.
Technical Indicators:
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap (UNI)
UNI/USD will likely continue to rise as the price bars are above the moving averages. Meanwhile, on July 26 uptrend; a retraced candlestick body tested the 61.8% Fibonacci retracement. The retracement suggests that UNI is likely to rise to the level of 1.618 Fibonacci Extension or $23.97.
Disclaimer. This analysis and forecast are the personal opinions of the author 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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