Uniswap Holds Above $9.87 As Buyers Emerge In Oversold Region

Uniswap (UNI) price long-term forecast: bearish

On March 31, buyers failed to hold the price above the high of $12.47. On April 4, they were overwhelmed as the altcoin fell to a low of $9.62. The altcoin fell above and held above the 50-day line SMA. As a result, Uniswap will fluctuate above the 50-day line SMA, but below the 21-day line SMA. 

The cryptocurrency will continue to move between the moving averages for a few more days. At the time of writing, Uniswap is trading at $9.87. If sellers break below the 50-day line SMA, selling pressure will extend to the low of $8.12. UNIThe /USD will regain its bullish momentum if the altcoin holds above the 50-day moving average line UNI will rise to regain the previous highs.

Uniswap (UNI) indicator display

The cryptocurrency is at level 44 of the Relative Strength Index for period 14. It is in the downtrend zone and below the 50 centre line. The cryptocurrency price is now between the moving averages, indicating a possible movement of the cryptocurrency within a certain range. UNIThe /USD is above the 25% area of the daily stochastic. This indicates that the market is in a bullish momentum. 

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 as the altcoin has plunged into oversold territory in the market. Selling pressure has reached bearish exhaustion. Meanwhile, on April 7, the downtrend; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall, but will reverse at the level of the 1.272 Fibonacci extension or $9.31.

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.