Uniswap Makes a Sharp Rise as the Altcoin Reaches $9.71 High

Uniswap (UNI) has been on the rise as buyers try to keep prices above the moving averages. Today, UNI has risen above the 21-day moving average and reached the high of $9.71.

The upside got stuck below the 50-day moving average. Buyers could have broken through initial resistance at $10.55. A break above the moving averages will catapult the altcoin out of the downward correction. 

Currently, the altcoin is between the moving average lines and below the resistance at $10.55. UNI/USD will be forced to move between the moving averages. The cryptocurrency will develop a trend if the moving average lines are broken. For example, a break above the 50-day moving average line will break through resistance at $10.55 and lead to a rise to $12.91. Conversely, a break below the 21-day moving average line will cause an altcoin to fall to a low of $8.20. 

Uniswap indicator reading

The cryptocurrency is at the level 54 of the Relative Strength Index for the period 14. UNI is in the uptrend zone and is capable of further upward movement. The price of the cryptocurrency is between the moving averages, which indicates a possible price fluctuation. UNI/USD is above the 80% area of the daily stochastic. This indicates that the market is in the overbought region. There is a probability that the altcoin will fall.

Technical indicators:  

Major Resistance Levels - $55.00 and $57.00

Major Support Levels - $30.00 and $28.00

What is the next direction for Uniswap?

On the 4-hour chart UNI is trading in the overbought zone. The price of the altcoin is consolidating below the $9.75 resistance. Meanwhile, the March 17 uptrend has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that UNI will rise but reverse at the 1.272 Fibonacci Extension level or $9.72. The price action shows that UNI is retesting the 1.272 Fibonacci extension to break through it.

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.