Since October 27, the price of Uniswap (UNI) has been forced to move sideways after buyers failed to keep it above $27.50. This constraint has resulted in the cryptocurrency trading in a narrow range between $23 and $26.
UNI is vulnerable to price declines as it trades in the bearish trend zone. In previous price action, UNI/USD traded above the moving averages for over two weeks, but the bulls could not break above the $27.50 resistance level. The altcoin got into a range bound move. The uptrend will continue if the buyers reach the $26 resistance. If the buyers are successful, the market will further rise to $30. In the meantime, the cryptocurrency will remain trapped in a range for a few days.
The altcoin has fallen to the 48 level on the Relative Strength Index for period 14. This means that Uniswap has entered the downtrend zone and may fall slightly. The cryptocurrency is below the 20% range of the daily stochastic. It implies that the current selling pressure has reached bearish exhaustion. Buyers will emerge to push prices higher.
Major Resistance Levels - $55.00 and $57.00
Major Support Levels - $30.00 and $28.00
On the 4-hour chart, UNI/USD has been moving within a trading range for the past four days. The altcoin is moving between $23 and $26. The price movement is marked by small candlesticks called doji candlesticks. These candlesticks indicate that the market has reached a phase of indecision.
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.