Uniswap Faces Possible Decline On Return Above $5.00 Support

Dec 24, 2022 at 12:06 // Price
Coin Idol
Uniswap price is falling below the moving average lines

Uniswap (UNI) price is falling below the moving average lines. As long as it is in the bearish trend zone, there is a risk that the cryptocurrency value will continue to fall.

Uniswap price long-term forecast: bearish

The altcoin has returned to the previous low of $5.00 as a result of the December 16 price drop. In the previous price action, UNI moved in a narrow range between $5.00 and $6.50. Approaching the current support level of $5.00, sellers have pushed UNI to a low of $5.20. If the bears break the current support, UNI will continue to fall to lows of $3.45 and $3.67. However, if support at $5.00 holds, the move will continue between $5.00 and $6.50.

Uniswap indicator display

For the period 14, the relative strength index is at level 39. Since UNI is currently in the downtrend zone, it is likely that the price of the cryptocurrency will continue to fall. The moving average lines are above the price bars, which indicates a further decline. Below the daily stochastic level of 40, UNI is in a bearish momentum.

UNIUSD(Daily Chart) - December 23.22.jpg

Technical indicators 

Key resistance levels - $18.00 and $20.00

Key support levels - $8.00 and $6.00

What is the next direction for uniswap?

UNI uniswap is fluctuating above the $5.00 support and is currently in a downward correction. There is a possibility that the altcoin will fall further if the current support is violated. UNI has made an upward correction during the December 19 downtrend, and a candlestick has tested the 78.6% Fibonacci retracement level. After the correction, UNI will fall but reverse at the Fibonacci extension of 1.272 or the price level of $4.67.

UNIUSD(4 Hour Chart) - December 23.22.jpg

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.

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