For the past two weeks, the UNI price has been fluctuating between the $26 and $32 price levels.
Buyers have made two attempts to push UNI price above the resistance at $32 but were repelled. Uniswap will reclaim its peak price at $35.50 if buyers break the minor resistance at $32. Nevertheless, if price breaks the overhead resistance, the market will rally above $38.
In the meantime, the altcoin is trading in the range-bound zone of the market. On the downside, if sellers have the upper hand and break the current support at $26, Uniswap will decline to $20 low. Uniswap (UNI) price is trading at $30.42 at the time of writing. Today, buyers are trying to push prices above moving averages. The price movement will be accelerated if buyers can break above the moving averages.
The altcoin is at level 53 of the Relative Strength Index period 14. It indicates that the price is in the uptrend zone and above the centerline 50. UNI is capable of rising on the upside. The altcoin’s price is above the SMAs which suggests a possible rise in price.
Major Resistance Levels – $35.00 and $37.00
Major Support Levels – $22.00 and $20.00
UNI is likely to move up as price approaches the minor resistance at $32. The Fibonacci tool has indicated a marginal upward movement in price. On March 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the market will rise to level 1.272 Fibonacci extension and reverse. That is at the high of $38.71.
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.