Uniswap (UNI) price is moving within a small range between $5.00 and $6.50.
The cryptocurrency has been forced to move in a range since November 9. At the $6.50 resistance level, buyers had difficulty breaking through the resistance level. They have been trying to break through the resistance for a month now, but they have not succeeded
If the buyers manage to break the first hurdle, UNI will rise to the next resistance at $7.70. Beyond that, bulls' upward momentum will reach the overriding resistance at $9.50. If the bullish scenario proves to be false, the current rangebound action could continue. The reason the current support holds is because the bulls buy the dips whenever short sellers threaten to enter the market.
The Relative Strength Index is at level 38 for period 14, and the fact that UNI is now in the downtrend zone indicates that the cryptocurrency price will continue to decline. It is vulnerable to further declines as the price bars are below the moving average lines. UNI is below the daily stochastic level of 20. In other words, the selling pressure has dissipated. A price decline will soon come to an end.
Key resistance levels - $18.00 and $20.00
Key support levels - $8.00 and $6.00
UNI has been trading in a restricted range for the past month. If the support at $5.00 or resistance at $6.50 is broken, the altcoin will show a trend. For example, when the bulls bought the dips, UNI fell to a low of $5.26. If the current support is broken, UNI will fall further to $2.80.
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.