Uniswap Holds above $6.00 as It Continues Its Sideways Trend

Uniswap (UNI) falls back to the low of $5.71 and continues its sideways movement. Since the price collapse on August 28, UNI/USD has fluctuated between $5.50 and $7.00. It is difficult for buyers to overcome the resistance at $7.00.

On October 7 and 19, buyers were beaten back at the $7.00 resistance zone. Consequently, the altcoin dropped below the moving average lines. At the time of writing, it is trading at $6.01. An upside rally will see UNI rise above the moving average lines and break through the $7.00 resistance. The bullish momentum will extend to the resistance at $9.84. Conversely, the cryptocurrency could fall to $5.71 or $4.62 if it moves down from the moving average lines.

Uniswap indicator reading

UNI is at level 44 on the Relative Strength Index for period 14. The altcoin is in a downtrend zone and could fall further. The altcoin is in bearish momentum as it is below the 40% area of the daily stochastic. The 21-day line SMA and the 50-day line SMA are horizontally sloping, indicating a sideways trend.

Technical indicators:  

Major Resistance Levels - $18.00 and $20.00

Major Support Levels - $8.00 and $6.00

What is the next direction for Uniswap

UNI has fallen below the moving average lines after rejecting the high at $7.00. On the downtrend from August 29, UNI took an upward correction and a candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall to the Fibonacci extension level of 1.272 or the level of $4.62.

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 in funds.