Uniswap Is In A New Uptrend As Buyers Re-Enter Above $6.00

Uniswap (UNI) is currently trading in the bullish trend zone after the end of the initial uptrend.

Uniswap price long term forecast: bullish

The cryptocurrency asset fell to a low of $6.00 before starting a new uptrend. UNI encountered resistance at $6.96 in the first uptrend as the market entered an overbought zone. At the time of writing, the altcoin has risen to $6.73. If resistance at $6.96 can be overcome, a rise to $9.00 is possible. A bearish candlestick tested the 50% Fibonacci retracement level of the January 14 uptrend. According to the retracement, UNI could rise to the 2.0 Fibonacci extension level or $8.97. However, if the bullish scenario proves to be wrong, UNI will have to decline and trade in a range between $6.00 and $7.00.

Uniswap indicator display

At the 67 level of the Relative Strength Index for the 14 period, UNI is in an upward momentum. As long as the price bars are above the moving average lines, the altcoin is rising. Above level 80 of the daily stochastic, the altcoin has moved up into the overbought zone. The bullish momentum has run its course. 

Technical indicators:

Key resistance levels - $18.00 and $20.00

Key support levels - $8.00 and $6.00

What is the next direction for Uniswap?

UNI has rallied since its low of $6.00. Buyers have worked hard to keep the stock above the $6.80 resistance level since January 14. If the initial resistance is broken, the altcoin will start an uptrend again. If the current resistance is held, the sideways trend could continue.

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 in funds.