Uniswap Regains Momentum By Resuming Upward Trend

Oct 09, 2022 at 14:27 // Price
Coin Idol

The price of Uniswap (UNI) has resumed its uptrend. The price of the cryptocurrency has a series of higher highs and higher lows.

Uniswap (UNI) price long-term analysis: bullish

On Friday, October 7, the price of the cryptocurrency reached a high of $7.07. Today, the altcoin is retreating and reaching a higher low, which will prompt UNI to continue the upward momentum. Nevertheless, the price bars are said to be in an uptrend when they stay above the moving average lines. 

However, an uptrend is invalid when it breaks below the moving average lines. In other words: If the price of an altcoin does not break the previous high, the uptrend is broken. Or if the price goes back above a higher low, the uptrend is considered invalid. For example, UNI has risen to $7.07 at the time of writing. An uptrend is considered to have resumed when resistance at $7.04 is broken. A sideways trend or downtrend occurs when the recent high is not broken.

Uniswap (UNI) Indicator Analysis

Uniswap has continued its uptrend at the Relative Strength Index level of 56 for the 14 period. The uptrend will continue as long as the price bars are above the moving average lines. Due to the upward movement, the moving average lines have reversed upward. The UNI price has fallen into the oversold area of the market. The cryptocurrency price is below the 20% area of the daily stochastic. Buyers are likely to be attracted by the lower price levels. 

UNIUSD (Daily Chart) - October 8, 2022.jpg

Technical Indicators 

Key resistance zones: $12.00, $14.00, $16.00

Key support zones: $10.00, $8.00, $6.00

What is the next direction for Uniswap (UNI)? 

On the 4-hour chart, Uniswap is in a gentle uptrend. The uptrend consists of four higher highs and four higher lows. The uptrend shows the support levels of the price where an altcoin rises after a minor retracement. The current uptrend could continue if the resistance at $7.07 is broken.

UNIUSD (Daily Chart) - October 8, 2022.jpg

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.

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