Uniswap Unable to Sustain Above $30, Resumes Range-Bound Move

The price of Uniswap (UNI) has been in a fluctuation range shortly after reaching a high of $30. Today, the cryptocurrency's price fell into the range bound zone and resumed fluctuation. Prior to its drop to a low of $28, buyers pushed the altcoin above the high of $30.

However, due to fierce resistance from sellers, the crypto fell below the resistance line. Today, the market is still fluctuating between $26.50 and $30. If buyers break the $30 high and the uptrend continues, UNI will rise to $38. On the other hand, if the bears break below the $26.50 support, the altcoin will fall to a low of $20.

Uniswap indicator reading

UNI is at level 55 of the Relative Strength Index of period 14. The cryptocurrency is in the uptrend zone and above the midline 50. The 21-day line SMA and the 50-day line SMA are uptrending, indicating an uptrend. Crypto is below the 20% range on the daily stochastic. This indicates that the market has reached the oversold zone.

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) has been in a range-bound move since August 13. On September 1, the bulls attempted to break above the resistance level but were rebuffed. The breakout proved to be false as the price returned below the resistance level. It is likely that the altcoin will continue to fluctuate in the range-bound zone for a few more days.  

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.