Uniswap (UNI) price is falling while correcting upwards. The high at $6.50 marks the end of the upward correction. UNI is now fluctuating below the recent high, but has fallen below the 50 line SMA.
The cryptocurrency will likely be trapped in a range between the moving average lines and forced to move. In other words, UNI will trade in the $5.50 to $6.50 range. On the downside, selling pressure will resume if sellers break the $5.50 support or the 21-day SMA line. The altcoin will then fall back to its previous lows of $4.96 and $4.75.
The Relative Strength Index is at level 52 for period 14. UNI could continue to rise as it is in a positive trend zone. However, if the altcoin continues to fall, it could slip into negative territory. It will be forced to resume a sideways movement as the price bars are between the moving average lines. The daily chart's stochastic is 80 below the altcoin, which is experiencing negative momentum.
Key resistance levels - $18.00 and $20.00
Key support levels - $8.00 and $6.00
UNI is currently moving sideways after being rejected at the last high. The price indicator has indicated a possible decline in the cryptocurrency. UNI has reversed to the upside during the decline that started on September 9 and a candlestick has tested the 61.8% Fibonacci retracement level. After the correction, UNI will fall to the 1.618 level in the Fibonacci sequence or $2.90.
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.