Since June 23, the price of Uniswap (UNI) has regained upside momentum as the cryptocurrency trades in the bullish trend zone. Today, UNI is trading at $7.04 at press time. Last week, the uptrend stalled below the $8.00 resistance zone.
The recent high was an overbought area of the market. The cryptocurrency will continue to rise to the high of $10 if the bulls break the resistance at $8.00. Nevertheless, UNI could decline if the altcoin is rejected at the $8.00 resistance level. However, if the altcoin falls back below the moving average line, selling pressure will resume. In the meantime, UNI/USD is trading at $7.04 at the time of writing.
UNI is at the 58 level of the Relative Strength Index for the 14 period. The cryptocurrency is in the bullish trend zone after a minor retracement. The cryptocurrency price is above the moving average lines, indicating a possible upward movement of the cryptocurrency. UNI is above the 80% area of the daily stochastic. This means that the market has reached the overbought region. Sellers are attracted to the overbought region.
Major Resistance Levels - $18.00 and $20.00
Major Support Levels - $8.00 and $6.00
The uptrend continues despite the pullback from the resistance zone. A break above the resistance level will signal the resumption of the uptrend. Meanwhile, the July 8 uptrend has a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that UNI will rise to the 2.618 Fibonacci Extension level or $8.59.
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 funds.