Uniswap Range-bound Between $36 and $44, Attempts to Breach Recent High

May 16, 2021 at 09:29 // News
Author
Coin Idol
UNI/USD is falling after testing the resistance zone

Today, May 16, the Uniswap (UNI) is falling and has reached the low of $38. Still, the UNI price will retest the lower price range and resume upward. For the past two weeks, the bears have retested the lower price range twice.

Uniswap (UNI) Price Long-term Prediction: Bullish

UNI/USD is falling after testing the resistance zone at $44. The altcoin has been in an upward move but the uptrend has been stalled at the $44 resistance zone. Since April 28, the uptrend has been terminated as the altcoin resumed a sideways move. For the past two weeks, Unisnap has been fluctuating between $36 and $44. 

Similarly, on the upside, the bulls have retested the upper price range on four occasions without breaking it. This has been the price action since April 28. If buyers can push UNI above the $44 resistance, the altcoin will rally to $52 or $56 price level. Otherwise, the range-bound move between $36 and $44 will continue. Besides, the bears will take advantage and break the $36 support.

UNI,_May_15_-_Coinidol.png

Technical indicators:  

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $22.00 and $20.00

Uniswap (UNI) Indicator Reading

UNI price is above the 50-day SMA and a break above the 21- day SMA will increase the chances of the altcoin rising on the upside. The market has fallen to level 52 of the Relative Strength Index period 14. The moving averages are sloping upward indicating the uptrend.

What is the next direction for Uniswap (UNI)

Uniswap (UNI) is falling while in a sideways move. The market will move up if the recent resistance is breached. On April 29 uptrend; a retraced candle body tested the 50% retracement level. The retracement indicates that the altcoin will rise to level 2.0 Fibonacci extension.  

UNI,_May_15_-_Coinidol_2_chart.png

Disclaimer. This analysis and forecast are the author’s personal opinions, 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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