Uniswap Is in a Fresh Uptrend but May Face Rejection at $8.00

The price of Uniswap (UNI) is in a downtrend, but the cryptocurrency fell to a low of $5.71 on August 28. Last week, UNI was in an upward correction. Today, the altcoin has risen to the high of $6.21.

If buyers push the altcoin above the moving average lines, UNI will gain upward momentum. Uniswap will regain the previous high of $9.80. On the other hand, if the current upward movement is staved off at the moving average lines, UNI will fall back to the previous low of $5.71. On the downside, the cryptocurrency will continue to fall to $4.75 or $3.35 if the current support is broken.

Uniswap indicator analysis

The Uniswap indicator is at 40 of the Relative Strength Index for the period 14, indicating that the cryptocurrency is in a downtrend and could decline. The price bars are below the moving average lines, indicating a further decline. UNI is below the 40% area of the daily stochastic. This indicates that the market is in a bearish momentum.

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?

Uniswap is in an upward correction to previous highs. Selling pressure will continue as the altcoin turns down from the overhead resistance. On the weekly chart, a candlestick has tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that UNI will fall to the Fibonacci extension level of $1.272 or $4.25.

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.