Uniswap Declines and Shows no Strength as Bears Resume Selling Pressure at $13

The price of Uniswap (UNI) is in a downward correction as the price falls below the moving averages. All upside corrections were shrugged off as the altcoin found support above $10. The cryptocurrency lacks buyers at higher price levels.

Buyers have made concerted efforts to keep the price above the moving averages. In the last price move, the bulls broke through the 21-day moving average line but were rejected at the $13 resistance.

At the time of writing, UNI is trading at $10. If price rallies above current support, the market will rally above the 21-day moving average and $13 resistance. Bullish momentum may extend above the 50-day moving average. If the bulls are successful, the altcoin will be out of the downward correction. UNI/USD will continue the downward correction if the bulls fail to break the recent high.

Uniswap indicator reading

UNI is at level 40 of the Relative Strength Index for the period 14. The cryptocurrency is trading in the downtrend area below the center line 50. It is capable of further downward movement. The price of the cryptocurrency is below the moving averages, which indicates a possible downward movement. UNI/USD is below the 20% area of the daily stochastic. The market has reached the oversold area. Selling pressure will ease as buyers emerge in the oversold region. 

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 range between $10 and $13. It is likely that the cryptocurrency will experience a price breakout or breakdown as the price fluctuates in a narrow range. Moreover, the price movement is insignificant as the candlesticks have a small body.

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.