Uniswap (UNI) loses its previous high as the altcoin picks up a new uptrend. UNI is approaching the $29.13 high at the time of writing.
Uniswap price is rising to retest the $30 resistance level. It has peaked at $30 since August 11, but the bulls have been unable to sustain bullish momentum above the recent high. As a result, UNI fell to the previous low of $26.
Today, the altcoin is rebounding to reach the recent high. UNI has a chance to rise to the high of $36 if the bulls overcome the current resistance. In this new uptrend, the bullish momentum is likely to extend to the highs of $40 and $45. On the other hand, if the bulls fail to break the $30 high, the cryptocurrency will be forced into a range between $26 and $30. If the $26 support is breached, the price could suddenly drop.
UN is trading at the 62 level of the Relative Strength Index for period 14, suggesting that UNI has enough room to move higher. Similarly, the altcoin is above the 50% area of the daily stochastic. This suggests that the market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.
Important Resistance Levels - $55.00 and $57.00
Important Support Levels - $22.00 and $20.00
Uniswap (UNI) is still in an uptrend. According to the price indicator, further upward movement is possible. Meanwhile, the uptrend from August 14 has retraced a candlestick that tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will rise but reverse at the 1.272 Fibonacci extension or $36.24.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.