Uniswap Recovers But Risks Further Rejection At $5.50

Uniswap (UNI) fell to a low of $4.94 as bulls bought the dips.

Uniswap price long term forecast: bearish

Above the $5.00 support, the cryptocurrency value is gradually rising. As long as the digital asset is in the downtrend zone, there is a risk that it will continue to fall. The price of the altcoin has returned to its previous low of $5.00 as a result of the December 16 plunge. UNI was previously trading in a limited band between $5.00 and $6.50. Sellers have pushed UNI to a low of $4.94 as it approaches the current support level of $5.00. The current support level of $5.00 is holding as the altcoin resumes its move between $5.00 and $6.50.

Uniswap indicator display

The Relative Strength Index is at the 39 level for the 14 period, and the cryptocurrency's price is likely to continue to decline as UNI is currently in the bearish trend zone. The price bars are above the moving average lines, which suggests a further decline. The daily stochastic indicator for UNI is in a bearish momentum below the threshold of 40.

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 is currently in a downward correction, oscillating above $5.00 support. The existing support is holding while the altcoin is regaining upward momentum. During the downturn that started on November 9, UNI took an upward correction and a candlestick tested the 61.8% Fibonacci retracement level. The correction predicts that UNI will fall to the 1.618 Fibonacci extension level, or $2.74.

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.