The price of Uniswap (UNI) fell below the moving averages when the cryptocurrency hit the low of $19. Later, the bulls bought the dips.
Further selling pressure is expected as the altcoin retook the previous lows at $18.50 and $17. Currently, the altcoin has fallen to support above $19, which is the historical price level from September 26. On September 26, UNI recovered from the current support and reached the high of $28.
Today, buyers are pushing the altcoin to reach the previous high. However, the uptrend could face resistance at the $24 high. UNI/USD could face renewed selling pressure if it encounters rejection at $24 and current support is also breached. The market could continue to trend lower. Meanwhile, the downtrend from October 27 has shown a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that UNI will fall to the 2.618 Fibonacci Extension level or $15.34.
UNI is at the level 36 of the Relative Strength Index for the period 14. The cryptocurrency has fallen into the downtrend zone and may continue to trend downwards. UNI/USD has resumed its bullish momentum as it is above the 60% area of the daily stochastic. The moving averages of the 21-day line and the 50-day line are bearish, indicating a downtrend.
Major Resistance Levels - $55.00 and $57.00
Major Support Levels - $30.00 and $28.00
UNI/USD is in a downtrend after rejecting the high at $28. The cryptocurrency is trading at $21.43 at the time of writing. Meanwhile, a downtrend started on November 16. A retracement candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall but reverse at the 1.272 Fibonacci extension level, or $21.40.
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.