Uniswap Sustains Recent Rally as the Altcoin Approaches Next High at $12

Uniswap (UNI) has broken through the moving averages as the cryptocurrency reached the high of $11. The current uptrend is expected to continue as the altcoin falls back above the $10 support.

The $10 support was the previous resistance that was broken. If the bulls overcome the $11 resistance, the market will rise to $12. Today, UNI continues its upward movement and retests the resistance at $11. UNI may be forced to retrace above the moving average if the bulls fail to overcome the recent high. Further upward movement of the cryptocurrency is possible as the price bars remain above the moving averages.

Uniswap indicator reading

UNI has a bullish momentum again as the cryptocurrency price is above the moving averages. This indicates that the altcoin will rise to the previous highs. The cryptocurrency is at level 61 of the Relative Strength Index for period 14, indicating that the altcoin is in an uptrend and can rise to the upside. UNI/USD is below the 80% area of the daily stochastic. It indicates that the market is in a bearish momentum, but the stochastic bands are making an upside reversal.

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?

On the 4-hour chart, UNI is in a gentle uptrend. The current uptrend has reached the $11 high, but has retraced above the 21-day moving average line support. This means that further upward movement of the cryptocurrency is likely. UNI uptrend is likely to continue if the bulls keep the price above the moving averages.

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.