Uniswap Revisits $12 High as Buyers Emerge from the Oversold Region

Uniswap (UNI) has been trading in a sideways trend for the past two weeks.

The downtrend ended after the altcoin fell to an oversold region at $9.55. Since January 24, the cryptocurrency's price has fluctuated between $9.55 and $12. Bulls have been unable to keep the price above the $12 high. 

On January 31, the bulls were pushed back when they tried to break the recent high. Today, the market resumes its upward movement to reach the high at $12 again. UNI/USD will rise to $18 or $20 if the bulls overcome the initial resistance. Moreover, the altcoin will be out of the downward correction. On the other hand, further downward movement is unlikely as the market has reached the oversold zone. UNI/USD is trading at $11.57 as of press time. 

Uniswap indicator reading

Due to the recent upward movement, UNI is at the level 43 of the Relative Strength Index for the period 14. The cryptocurrency is still in a downtrend and below the midline 50. UNI price bars are below the moving averages, which indicates that UNI/USD is trading in the downtrend zone. The altcoin is in a position to fall downwards.

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/USD is in a downward correction and the price is fluctuating between $9.55 and $12. The cryptocurrency is already in oversold territory. Buyers are emerging after trying to break the initial resistance at $12.

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.