Uniswap (UNI) has dropped massively to as low as $15 on May 19. Nevertheless, the bulls bought the dips as price corrected upward. The upward correction was stalled at the $28 high.
Today, the downtrend has continued as the altcoin declines to the previous low at $15. On the downside, if the support at $15 holds, the altcoin is likely to be range-bound between $15 and $28. Perhaps, a rebound above the $15 support will propel price to retest the initial resistance at $28. UNI will resume an upward move if the resistance at $28 is breached. Conversely, if the bears break the current support at $15, UNI will be weakened.
Uniswap indicator reading
Uniswap has fallen to level 25 of the Relative Strength Index period 14. It indicates that the altcoin is trading in the oversold region of the market. Buyers are also to emerge to push prices upward. The altcoin’s price is below the 21-day SMA and 50-day SMA which indicates a downtrend. The altcoin has a bearish crossover.
Technical indicators:
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap?
Uniswap (UNI) is still falling on the downside. Meanwhile, on May 10 downtrend; a retraced candle body tested the 50% retracement level. The retracement indicates that the altcoin will fall to level 2.0 Fibonacci extension or level $22.89. From the price action, Uniswap has fallen to the low of $19.63 at the time of writing.
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 funds.
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