Today, the price of Uniswap (UNI) is slightly rising on the cryptocurrency market. If buyers break the resistance at $30, UNI will rally to a $36 high. This will propel the UNI price to resume the upside momentum.
However, if the bears break the current support at $24, the altcoin is likely to fall to the previous low at $12.85. The previous low was the support of the last bearish impulse. UNI has recovered as it rose to the high of $30.
On May 27 Uniswap price was falling after a brief uptrend. The altcoin has earlier rallied to a $30 high after the last bearish impulse. But then UNI retraced and found support above $24 low. The bullish momentum is likely to resume on the upside if the current support holds. For Unisnap to regain bullish momentum, buyers will have to push the crypto above the $35 support.
Uniswap has risen to level 45 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. Also, the crypto is above the 40% range of the daily stochastic. That is the market has bullish momentum. UNI price is below the moving averages which indicate that price is in the bearish trend zone.
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
Uniswap (UNI) has resumed its upward move. On the 4 hour chart, UNI rebounded above $12.50 support and resumed an upward move. Meanwhile, on May 25 uptrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that the altcoin will rise and reverse at level 1.272 Fibonacci extension or level $30.18. From the price action, Uniswap has tested the $30 resistance and has fallen to $24 support.
Disclaimer. This analysis and forecast are the author’s personal opinions and 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.