Uniswap Stops Below $7.00 As Buyers Re-Enter Below Recent High

Jan 28, 2023 at 10:00 // Price
Coin Idol
Uniswap's upward momentum was halted

Uniswap's (UNI) upward momentum was halted by the $7.00 resistance level.

Uniswap price long term forecast: bullish

Buyers initially attempted to break above resistance on January 14, but were beaten back at the $6.96 high. As a result, the altcoin fell to a low of $6.00. Buyers overcame the pre-existing support and rose to a high of $7.09. At the recent peak, selling pressure on the cryptocurrency asset started to increase. Today's upward movement was capped below the $7.00 resistance. However, if the buyers manage to overcome the $7.00 resistance, Uniswap will rise to a high of $9. If the altcoin fails to overcome the current resistance, it will fall to a low of $6.00. There may be sustained selling pressure if the price falls below the moving average lines. At the time of publishing this article, the altcoin is trading at $6.77. 

Uniswap indicator display

UNI is trading in the positive trend zone at level 60 of the 14-period Relative Strength Index. Moreover, the price bars are above the moving average lines despite the retracement. The daily stochastic of 50 is below the current downward momentum of the coin. The downside momentum is shaky. 

UNIUSD(Daily Chart) - January 28.23.jpg

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?

Uniswap is moving sideways below the $7.00 resistance on the 4-hour chart. The altcoin will fall to a low of $6.00 on any retest of the resistance level. As the market enters the overbought area at $7.00, the bullish momentum is resilient.

UNIUSD(4 Hour Chart) - January 28.23.jpg

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.

Show comments(0 comments)