Uniswap Declines in a Sideways Move, Faces Strong Rejection at $28

The price of Uniswap (UNI) has fallen below its moving averages as the cryptocurrency continues its sideways movement. Today, UNI has dropped to a low of $24.

It is possible that selling pressure will extend to the low of $22.50. Since September 16, UNI/USD has been forced to move sideways. The cryptocurrency fluctuates between the price levels of $22.50 and $28. The price level of $28 is the highest selling pressure for Uniswap. The price action is characterized by long candlesticks indicating the $28 price level. The long wicks indicate that there is high selling pressure for the altcoin at $28. The upward movement of UNI is doubtful.

Uniswap indicator reading

The 21-day line and the 50-day moving averages line are sloping horizontally, indicating a sideways trend. The cryptocurrency's price is now below the moving averages, indicating further selling pressure. The altcoin is at level 44 on the Relative Strength Index for period 14, indicating that UNI is in a downtrend and below the 50 midline. The cryptocurrency is above the 30% area of the daily stochastic. UNI is in a bullish momentum.

Technical indicators:  

Major Resistance Levels - $55.00 and $57.00

Major Support Levels - $30.00 and $28.00

What is the next direction for Uniswap?

On the 2-hour chart, UNI/USD is in a downtrend. UNI fell twice to a low of $24, but then pulled back. Meanwhile, the November 10 downtrend has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that UNI will fall to the 1.618 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.