Uniswap Reaches Bearish Exhaustion as Sellers Threaten to Short

Uniswap's (UNI) price has fallen to $19.58 low and pulled back. The downtrend has reached bearish exhaustion as buyers emerge in the oversold region. The current downturn has been ongoing as price makes a series of lower highs and lower lows.

On the upside, Uniswap is rising as price reaches the oversold region. If the UNI rebounds above the current support, the price is likely to rally to retest the lower high of $25. And if buyers are successful at a recent high, the market will rise to the previous high of $30. Conversely, if the current upward move faces rejection at the recent high, the UNI/USD will further decline to $16.50.

Uniswap indicator reading

UNI is at level 38 of the Relative Strength Index period 14. It indicates that the crypto is in the downtrend zone and capable of falling on the downside. The crypto has fallen below the 20% range of the daily stochastic. It indicates that UNI is in the oversold region and that the selling pressure has reached bearish exhaustion. Buyers are likely to emerge.

Technical indicators:  

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $22.00 and $20.00

What is the next direction for Uniswap?

UNI/USD has been in a downward move. Meanwhile, on June 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the altcoin will fall to level 2.0 Fibonacci extension or level $20.98. From the price action, UNI has surpassed the 2.0 Fibonacci level as the altcoin approaches the $16 low.

Disclaimer. This analysis and forecast are the author’s personal opinions, 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.