Uniswap in Minor Retracement, Set for More Upside Momentum
UNI/USD has continued its upward move. The altcoin’s price is making a series of higher highs and higher lows. For the past 48 hours, UNI rallied to a higher high of $43.91 but was resisted.
The altcoin will make a higher low before resuming the uptrend. For instance, on April 15, buyers pushed Uniswap to the high of $39.51 and were resisted. UNI price retraced to $30 support and resumed the uptrend.
This has been the market scenario since the inception of the uptrend. Today, the market is declining to the support level at $37.50. At that support level, the uptrend will resume reaching the previous highs. However, if price breaks beyond $37.50, it may result in a deeper correction. Perhaps there may be a trend change. The market has fallen to the low of $40.61 at the time of writing.
Uniswap indicator reading
The uptrend of April 28 broke the resistance line of the ascending channel. However, the bullish momentum could not be sustained. If price breaks and closes above the resistance line, the uptrend is likely to continue. Meanwhile, UNI price is at level 62 of the Relative Strength Index period 14. It indicates the market is in the uptrend zone and capable of a further upward move.
Major Resistance Levels – $50.00 and $52.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap?
Uniswap (UNI) is in a bullish trend but presently retracing for further upside momentum. Meanwhile, in the uptrend of April 29, a retraced candle body tested the 78.6% retracement level. This implies that the market will rise to level 1.618 Fibonacci extension or the high of $47.88. At the 1.272 Fibonacci extension, UNI will reverse to 78.6% Fibonacci retracement level where it originated.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.