Uniswap Continues Downward Correction but Holds above $8.17

The price of Uniswap (UNI) is in a downward correction as the price breaks below the moving averages.

Since February 22, the price of UNI has held above $8.17. The cryptocurrency's price has recorded a series of lower highs and lower lows. The altcoin risks another decline if the bears break the $8.17 price level. 

The bearish pattern has not changed since the January 24 price collapse. In this collapse, the UNI price level was held at $9.55 before being breached on February 20. If the UNI price rises again and breaks above the resistance at $12.60, a recovery above the moving averages is likely. On the other hand, if the altcoin fails at the moving averages, the downward correction will continue.

Uniswap indicator reading

The cryptocurrency is at level 42 of the Relative Strength Index for the period 14. The altcoin is in the downtrend zone and below the midline 50. The price of the cryptocurrency is below the moving averages, which indicates a possible decline. UNI is above the 28% area of the daily stochastic. This indicates that the market is in a bullish momentum, but it is unstable.

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?

UNI/USD is in a downward trend. The downtrend will be broken when the price breaks above the moving averages. Meanwhile, on January 24, the downtrend has seen a retracement candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall but reverse at the 1.272 Fibonacci extension level or $7.57. The price action shows that UNI is trading above the 1.272 Fibonacci extension.

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.