Uniswap Reaches The Overbought Zone And Faces Rejection At $6.56

Uniswap (UNI) price is in an upward correction after a recent decline. The cryptocurrency price has broken above the moving average lines.

Uniswap price long-term forecast: bearish

Buyers should have maintained their positive momentum to reach the previous high of $8.00. However, if the market enters the overbought zone, the upward correction will be rejected. It is unlikely that the uptrend will continue. UNI was rejected today after rising to $6.56. If the cryptocurrency falls from the recent high, it will eventually reach a low of $5.00. The current price of UNI /USD is currently $6.21.

Uniswap indicator display

For the period 14, the Relative Strength Index is at level 56, indicating that UNI is in an uptrend and can go higher. The moving average lines are above the price bars, indicating further increases. The daily chart's stochastic is above the level of 80 on Uniswap, indicating that the cryptocurrency has entered the overbought zone.

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?

During the upward correction, the market has reached bullish fatigue. The cryptocurrency price has moved back above the moving average lines. If the current support holds, the altcoin will start a new upswing. On the other hand, if the price is below the 50-day line SMA, the market will continue to move sideways. Between the price range of $5.00 and $6.50, UNI will trend sideways.

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.