Uniswap (UNI) price is in a downtrend as the price falls below the moving averages. The cryptocurrency is facing another rejection at $18.75, which will result in a decline to the downside.
On December 4, Uniswap's price plummeted to $12.91 as bulls bought the dips. With the recent rejection, the market will retake the previous low at $12.91. Today the market is moving above the historical price level of $14 from July 20. There are bullish candlesticks indicating a possible upside move in the altcoin. In July, UNI rallied from the $14 support and started an upward movement.
The cryptocurrency is at the 35 level of the Relative Strength Index for the period of 14. UNI is in the downtrend zone and is vulnerable to a decline to the downside. UNI/USD is above the 25% area of the daily stochastic. The stochastic bands are sloping horizontally, indicating price volatility. The price bars are below the moving average, indicating a bearish trend zone.
Major Resistance Levels - $55.00 and $57.00
Major Support Levels - $30.00 and $28.00
The cryptocurrency is in a downtrend as the price has fallen to a low of $13. Further downward movement is possible. Meanwhile, on September 9, the downtrend has seen a retracement candlestick testing the 50% Fibonacci retracement level. The retracement suggests that UNI will fall to the 2.0 Fibonacci extension level or $10.56.
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.