Uniswap Turns Down From $6.50 And Continues A Sideways Movement

Dec 11, 2022 at 10:58 // Price
Coin Idol
UNI is currently moving sideways

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.

Uniswap price long term forecast: bearish

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.

Uniswap indicator display

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.

UNIUSD(Daily Chart) -December 10.22.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?

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.

UNIUSD(Daily Chart 2) - December 10.22.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.

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