Uniswap Is in a Brief Uptrend, Faces Rejection at $32 Resistance

Uniswap is on an upward move. On February 20, the UNI rebounded above the $20 support as price rallied to $32 high. The price reached the overbought region of the market.

The uptrend was stalled at the $32 resistance. The bulls retested the resistance level thrice and on each occasion, the UNI will fall to the $28 support. On the downside, if price repeatedly falls and breaks below $28 support, the downtrend will extend to the low of $20. Conversely, if the bulls eventually break the $32 resistance, the price will rally above $36 but it may face rejection.

Uniswap indicator reading 

UNI is presently at level 68 of Relative Strength Index period 14. With this indication the upside rally is doubtful. The crypto currency is above 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping northward indicating the uptrend. 

Technical indicators:  

Major Resistance Levels – $34.00 and $36.00

Major Support Levels – $22.00 and $20.00 

What is the next direction for Uniswap?

UNI is in a brief uptrend. The crypto currency is likely to rise but will reverse. On February 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that UNI will rise to level 1.272 Fibonacci extensions and reverse. That is, the market may reverse at $36.49.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.