Uniswap Price Declines as Bears Revisits the Previous Low above $13
Uniswap (UNI) price has continued to fall after retesting the highat $18.50. Buyers intended to break the high at $18.50 to resume an upward move.
Uniswap (UNI) Price Long Term Forecast: Bearish
In the first retest, the market falls to the low at $16.63. In the second retest, the bulls were pushed back, signaling the resumption of the downtrend. Uniswap falls to retest the previous low at $12.85. However, since May 5, the bears have broken through the demand zones of altcoin.
The previous low is above $13 support. UNI has fallen above $15 support as the market continues its fall. On the upside, if current support holds, UNI will be forced into a range-bound move between $13 and $18. However, if selling pressure continues, the bears may break $13 support. As a result, UNI will continue to fall to a low of $8.50.
Uniswap (UNI) indicator reading
UNI is at the 35 level of the Relative Strength Index for period 14. The price is gradually approaching the oversold area of the market. Uniswap is in the downtrend zone and is capable of falling downwards. The cryptocurrency is below the 20% area of the daily stochastic. It indicates that UNI is in the oversold region as buyers are likely to emerge to push prices higher.
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap (UNI)
UNI/USD is trading in the bearish trend zone. That is, the cryptocurrency is in the position to fall downwards. Meanwhile, on June 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the altcoin will fall to level 2.0 Fibonacci extension or level $14.16.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.