Uniswap Retests the $30 Overhead Resistance, Shows No Strength above It

Uniswap's (UNI) uptrend has hit a snag as the altcoin falls. Buyers were able to push the cryptocurrency to a high of $30 on August 11, but were unable to continue the upward momentum.

For the past three days, the cryptocurrency price has been in a downward correction as buyers failed to maintain upward momentum above $30. The $30 high was the previous historical price level on May 26. Since May, the altcoin has been unable to trade above the $30 high. On the upside, a break above overhead resistance will catapult the cryptocurrency above the $40 high. Today, the altcoin faces a rejection of the recent high. If the selling pressure continues, the market will fall to a low of $23. However, if this support is breached, the cryptocurrency will continue to fall to the previous lows.

Uniswap indicator reading

The cryptocurrency is at the 70 level of the Relative Strength Index for period 14. At this level, the cryptocurrency does not have enough room to move up. The uptrend is likely to weaken as sellers appear in the overbought zone. The stochastic indicator has confirmed the overbought condition of the cryptocurrency. It is above the 80% area of the daily stochastics. The cryptocurrency is likely to fall.

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's (UNI) uptrend is in doubt as it is rejected from the recent high. Meanwhile, the uptrend from August 13 has a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that UNI will rise but reverses at the 1,272 Fibonacci extension level. The price action shows that the altcoin is retreating from the recent high.

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.