Uniswap (UNI) price is rising after breaking $6.50 hurdle.
Uniswap price long-term forecast: bullish
The current positive trend is expected to continue until the historical price level of November 5 at $7.77. The price of the cryptocurrency indicates that the asset is overbought on January 13. Before the price recovery to the previous highs, the price of the cryptocurrency fluctuated below the resistance at $6.20. The overbought condition might not last in a market that is trending strongly. UNI could rise to $7.36 or $7.77. According to the price indications, the asset is currently overbought. If the altcoin is rejected at the current high, it could go down above the breakout level of $6.50. UNI is currently trading at $6.75.
Uniswap indicator display
The Relative Strength Index for period 14 is at 76, suggesting that UNI has entered the overbought zone. Bullish fatigue has been reached in the current trend. The cryptocurrency can rise as long as the price bars are above the moving average lines. The daily stochastic of the altcoin is above the level of 80, which shows that the cryptocurrency has reached an overbought level.
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 in an uptrend as the price continues to reach higher highs and lower lows. As long as the price bars above the moving average lines, the altcoin will continue to grow. The price of the cryptocurrency will fall when it drops below the moving average lines.
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.
Source: Read Full Article