Uniswap (UNI) price is in a downward move and it has declined to the low of $31. From every indication, the current decline may continue to the previous low of $28.
From the previous price action, the uptrend has been interrupted when UNI rallied to the high of $39.51. On April 12, the upward move was restricted below the $38 price level. This resistance has compelled UNI/USD to a sideways move.
Each time, buyers pushed price to $38 high; UNI will face rejection and decline. This has propelled the altcoin to fall to $34 low and resumed a sideways move. Today, the decline has continued unabated. However, if the market falls and breaks below the moving average, the selling pressure will persist. Nevertheless, if price finds support above these levels, range-bound movement will resume upward.
The altcoin price has broken the 21-day SMA and it is approaching the 50-day SMA. A break below the SMAs will mean further decline of the altcoin. UNI is at level 48 of the Relative Strength Index period 14. It indicates that the UNI price is in the bearish trend zone and capable of falling on the downside.
Major Resistance Levels – $50.00 and $52.00
Major Support Levels – $22.00 and $20.00
Uniswap (UNI) is falling while in a sideways move. It appears the decline will continue as price fell into the bearish trend zone. Meanwhile, the Fibonacci tool has indicated a further downward movement of price. On April 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the market will fall to level 1.618 Fibonacci extension. That is at the low of $24.29.
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.