Uniswap Battles $12.47 High as It Shows No Strength above the Recent High

The current uptrend is trapped at the high of $12.47. The bulls are again testing the historical price level of February 8. On February 8, buyers failed to break this resistance level as the altcoin fell to a low of $8.

Today, UNI has bullish momentum again as buyers retest the resistance level. If the bulls overcome the resistance, UNI could rise to $18. However, the upside is doubtful as the market has reached the overbought zone. On the downside, UNI will fall back to $10 or $8 if it is rejected at the recent high.

Uniswap indicator reading

The cryptocurrency is at level 64 of the Relative Strength Index for period 14. The market is in an uptrend but approaching the overbought area. The altcoin has a bullish crossover. That is, the 21-day line SMA crosses above the 50-day line SMA, indicating a buy order. UNI/USD is above the 40% area of the daily stochastic. This indicates that the market is in a bullish momentum.

Technical indicators:  

Major Resistance Levels - $55.00 and $57.00

Major Support Levels - $30.00 and $28.00

What is the next direction for Uniswap?

UNI has continued its upward trend. The price of UNI is forming a series of higher highs and higher lows. The uptrend will continue as long as the price bars above the moving averages. However, if the bears break below the moving averages or the trend line, the selling pressure will increase again.

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.