The price of Uniswap (UNI) has fallen below its moving averages. The cryptocurrency is trading in a bearish trend zone and is capable of further downside.
Yesterday, Uniswap fell to a low of $10, the price level it has held since the January 22 plunge. During the January 22 downward impulse, the cryptocurrency was trapped in a range between $10 and $13.
On February 8, altcoin made a positive move when the price broke the 21-day moving average line, but failed to overcome resistance at $13. If the bears break below the $10 support today, the market will fall to a low of $9. On the other hand, if the buyers keep the price above the $13 resistance, UNI/USD will rise above the 50-day moving average. By the way, above the two moving averages, the altcoin can rise to previous highs of $18 and $20.
Uniswap indicator reading
UNI is at level 41 of the Relative Strength Index for period 14. Uniswap is in a downtrend and below the midline 50. The price of the cryptocurrency is below the moving averages that determine the downward movement of the cryptocurrency. UNI /USD has fallen below 20% of the daily stochastic. The altcoin has reached the oversold area of the market. Buyers will emerge to push prices higher.
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 has been in a downward correction for the past three weeks. The cryptocurrency has been fluctuating between the $10 and $13 price levels. The altcoin lacks buyers at higher price levels to push the altcoin higher.
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.
