Uniswap (UNI) price is falling below the moving average lines.
The downtrend is now stopped after reaching a low of $4.75. On November 9, when the altcoin corrected to a high of $6.22, the bulls bought the dips. However, the buyers were unable to push the altcoin above its recent high, which led to a sideways movement of the cryptocurrency
On the plus side, Uniswap will rise to $8.00 if buyers manage to keep the price above the moving average lines or the $6.22 resistance level. However, the altcoin will continue to fall due to the failed upward correction. UNI has been fluctuating between the levels of $4.75 and $6.22 for the past two weeks. On the downside, the cryptocurrency will fall to a low of $3.00 if the bears break the support at $4.75. UNIthe price of /USD is currently at $5.46.
The Relative Strength Index is at level 42 for period 14. The altcoin is in a bearish trend zone and could fall further. The position of the price bars below the moving average lines indicates a further decline. The daily stochastic of the altcoin is below the level of 40. The bullish momentum has been behaving erratically.
Key resistance levels - $18.00 and $20.00
Key support levels - $8.00 and $6.00
Below the current support, UNI is likely to fall further. Buyers are being rejected in the $6.00 resistance area. Rangebound levels were retested by both buyers and sellers, but they were not broken. Thus, UNI will reach a new low at $2.94 if sellers overcome the existing support.
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 in funds.