Uniswap is in a Range Bound Move as Bulls Can Not Break Above the $20 High

Jan 01, 2022 at 13:22 // Price
Coin Idol

Uniswap (UNI) price is still in a downward correction but has resumed its fluctuation above $17 support.

Uniswap (UNI) Price Long Term Forecast: Bearish

Uniswap (UNI) has just reached the bullish trend zone. The price level of $17 would have risen to $26 if the bulls had kept UNI above the $20 resistance. In the December 27 uptrend, the bulls broke the 21-day moving average line but failed to rise above the 50-day moving average line.

 A break above the 50-day moving average line will push UNI to resume upward momentum. After rejecting the $20 high, UNI is forced to move within a trading range. The cryptocurrency is moving in the middle of the moving averages. The altcoin will fall if the bears drop below the 21-day moving average. This would push the altcoin to the previous low at the $13 support.

UNIUSD(Daily Chart) - JANUARY 1.png

Uniswap (UNI) Indicator Reading

The cryptocurrency has fallen to the 48 level on the Relative Strength Index for the 14 period. The market is in the downtrend zone and below the midline 50. UNI is below the 50% area of the daily stochastic. The market is in a bearish momentum. The price of the cryptocurrency is below the moving average of the 50-day line, but above the moving average of the 21-day line, which indicates that the cryptocurrency will resume its sideways movement. 

Technical Indicators: 

Key Resistance Levels - $55.00 and $57.00
Key Support Levels - $30.00 and $28.00

UNIUSD( Daily Chart 2 ) - JANUARY 1.png

What is the next direction for Uniswap (UNI)

UNI /USD is currently in a range-bound move as it is rejected from its recent high. UNI will move back up if the recent high is broken. Meanwhile, the downtrend from December 27 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that UNI will rise to the 2.0 Fibonacci extension level or $26.17.

Disclaimer. This analysis and forecast are the personal opinions of the author 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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