Uniswap Falls To $7.51 Low as Buyers Emerge in Oversold Region

The price of Uniswap (UNI) is in a downtrend, but the cryptocurrency has continued to fall after breaking the previous low at $8.12.

Uniswap (UNI) Price Long Term Forecast: Bearish

Today, UNI has fallen to the low of $7.51 while consolidating above the current support. Since April 15, UNI/USD has been in a downward movement when it was rejected at the $10 resistance zone. Further downward movement is unlikely as the market has reached the oversold zone.

In addition, the market has been oversold since April 11. On the upside, UNI /USD will resume its movement between $7.51 and $10 if the current support holds. Moreover, the altcoin will regain its bullish momentum if the bulls overcome the resistance at $10. A break above resistance will catapult the cryptocurrency above the moving averages. This would signal the resumption of an uptrend. Meanwhile, UNI is trading at $7.72 at the time of writing.

Uniswap (UNI) Indicator Reading

The cryptocurrency has fallen to level 32 on the Relative Strength Index for period 14. The altcoin will fall into the oversold zone when it reaches the level 30 of the RSI for the period 14. Likewise, the cryptocurrency has already fallen below the 20% area of the daily stochastic. This means that the market has reached the oversold area. The selling pressure is likely to end.

Technical Indicators: 

Key resistance levels - $55.00 and $57.00

Key support levels - $30.00 and $28.00

What is the next direction for Uniswap (UNI)?

UNI is in a downtrend and the altcoin has dropped significantly. Meanwhile, on April 12, the downtrend; a retracement candlestick tested the 50% Fibonacci retracement level. The retracement suggests that UNI will fall to the 2.0 Fibonacci extension level or $7.44. The price action shows that Uniswap has fallen to a low of $7.51 at the time of writing. The altcoin is likely to rise again when the market reaches the oversold area.   

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.