The price of Uniswap (UNI) is in a downtrend as the altcoin has fallen to a low of $6.07. The cryptocurrency will continue to decline as the price bars are below the moving average lines.
Selling pressure will extend to the low of $4.75, the historical price level from July 1. In early July, buyers rallied above the $4.75 support as the market reached the previous high of $9.80. Today, the current decline is approaching the oversold region of the market. Selling pressure will ease in the oversold region. Buyers will be attracted to the oversold region to push prices higher.
Uniswap indicator is at level 30 of the Relative Strength Index for period 14, indicating that the cryptocurrency has reached the oversold region of the market. The selling pressure is likely to ease when the market reaches the oversold region. It is also below the 80% area of the daily stochastic. The market is in a bearish momentum.
Key Resistance Zones: $12.00, $14.00, $16.00
Key Support Zones: $10.00, $8.00, $6.00
Uniswap is in a downtrend and faces rejection at the $9.80 high. Selling pressure could continue if the price falls below the moving average lines. On the weekly chart, a candlestick tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that UNI will fall to the 1.272 Fibonacci extension level or the $6.09 level. From the price action, UNI has regained the previous low of the 1.272 Fibonacci extension of June 13. It is likely that the bears will regain the previous low.
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.