Uniswap Rallies Stall at $39 Resistance, Resumes Downward Correction

Apr 17, 2021 at 11:14 // News
Coin Idol
Buyers are making a fresh uptrend

UNI price rallied to a high of $39.51 on April 15 and made a pullback. The altcoin pulled back to the low of $35. Today, buyers are making a fresh uptrend.

In the previous price action, Uniswap was in a downward correction as price fluctuates between levels $28 and $32. In the previous price range, the altcoin rebounded above the $30 support to break the $32 resistance. This resulted in the present price level. 

UNI/USD has resumed a fresh uptrend to retest or break the recent peak price of $39.51. The market can rise if buyers push UNI price above $39. If buyers are successful above the recent high, price will appreciate to $44 high. However, if buyers fail to scale above the current peak price, the market will fall and resume a downward correction.

Uniswap indicator reading

UNI price is well above the moving averages which indicate a possible rise in price. The 21-day SMA and the 50-day SMA are sloping upward indicating upward. The altcoin has risen to level 63 of the Relative Strength Index period 14. It indicates that UNI price has reached the uptrend zone and capable of rising.

UNI - Coinidol.png

Technical indicators:  

Major Resistance Levels – $50.00 and $52.00

Major Support Levels – $22.00 and $20.00

What is the next direction for Uniswap? 

UNI has broken above the previous price range and rallied on the upside. This is an indication of a possible price rise. On April 12 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the market will rise to level 1.618 Fibonacci extension . That is at the high of $43.14.

UNI - Coinidol 2 chart.png

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.

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