Uniswap Retraces to $25 Support, Battles Resistance at $29

Jun 05, 2021 at 11:18 // News
Coin Idol
A rally above $32 high is expected

Uniswap's (UNI) price is rising after a minor retracement. The altcoin's retracement was a result of the rejection from the high of $29. The altcoin retraces to $25 support and resumes upward.

For the past five days, buyers have been making frantic efforts to push the crypto above the $29 resistance. This current resistance was the previous high of May 27. In the previous price action, buyers could not break the resistance at $29. 

Consequently, UNI plunged to a $22 low as bulls bought the dips. Today, buyers are still battling to break the same price level. Nonetheless, if the resistance level is breached, a rally above $32 high is expected. Further upsides are possible. However, if the current resistance remains unbroken, the altcoin is likely to further decline. 

Uniswap indicator reading

UNI is at level 47 of the Relative Strength Index period 14. The market is in the downtrend zone and below the centerline 50. This creates the possibility of further downsides. The crypto is above the 40% range of the daily stochastic. That is the bullish momentum is ongoing. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.


Technical indicators:  

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $22.00 and $20.00

What is the next direction for Uniswap?

Uniswap (UNI) is rising as it battles the resistance at $29. According to the Fibonacci tool, UNI is likely to rise on the upside. On May 25 uptrend; a retraced candle body tested the 61.8% retracement level. The retracement indicates that the altcoin will rise to level 1.618 Fibonacci extension or level $34.02.  


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.

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