Uniswap Holds Above $8.89 as Altcoin Reaches Oversold Region

Apr 24, 2022 at 11:29 // Price
Guest Author

Uniswap (UNI) price is in a downtrend as it has fallen below the moving averages. The altcoin fell to a low of $8.89 on April 11. Buyers could not sustain the bullish momentum above the moving averages, hence the downtrend.

Uniswap (UNI) Price Long Term Forecast: Bearish

Today, the cryptocurrency is holding above $8.89 as the altcoin resumes its consolidation above this level. 

In the first upward correction, UNI was rejected at the $10 resistance zone before retesting the current support. UNIThe /USD will have to move between $8.89 and $10 if the current support continues to hold. On the other hand, the altcoin will retest the previous low of $8.06 or $8.12 if the bears break below the current support. At press time, the altcoin is trading at $8.94.

Uniswap (UNI) Indicator Reading

UNI is at level 40 of the Relative Strength Index for period 14. The cryptocurrency is in a downtrend and consolidating above the support at $8.89. The 21-day line SMA and the 50-day line SMA are moving sideways, indicating the current consolidation. UNI The price of UNI is below the moving averages responsible for the current downward movement. The daily stochastic is below the 20% area. This means that the downtrend has reached bearish exhaustion. 

Technical Indicators: 

Key resistance levels - $55.00 and $57.00
Important support levels - $30.00 and $28.00

UNIUSD(Daily Chart) - March 23.png

What's next for Uniswap (UNI)

UNI is in a downtrend, but selling pressure has eased as the altcoin consolidates above $8.89 support. Meanwhile, on April 11, the downtrend; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall to the 1.272 Fibonacci extension level or $8.06.

UNIUSD(Daily Chart 2) - March 23.png

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.

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