Uniswap (UNI) price is in an upward correction after breaking through the moving average lines. The upward correction has stalled below the 50-day line SMA. As a result, UNI is likely to continue falling.
Currently, the price of UNI is between the moving average lines. The altcoin will develop a trend when the moving average lines are broken. If the buyers break the 50-day SMA line to the upside, the market will rise and reach the resistance at $9.84 again.
On the other hand, UNI will fall back to the low of $5.68 or $4.15 if the 21-day line SMA is broken. Meanwhile, UNI /USD is trading at $6.50 at the time of writing.
Uniswap is at level 55 of the Relative Strength Index for the period 14. The UNI is in the uptrend zone as the price has crossed the 21-day line SMA. In the last three days, the altcoin moved in a range between the moving average lines. The cryptocurrency is risking a possible decline as it is above the 80% area of the daily stochastic. This indicates that UNI has reached an overbought area of the market. Sellers are expected to emerge in the overbought region of the market.
Key resistance zones: $12.00, $14.00, $16.00
Key support zones: $10.00, $8.00, $6.00
Uniswap is likely to fall further down as it turns away from the moving average lines. Meanwhile, on August 28, the price corrected higher and tested the 78.6% Fibonacci retracement level. The correction suggests that UNI will fall to the 1.272 Fibonacci extension level or the $4.15 level.
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 CoinIdol. Readers should do their research before investing in funds.