Uniswap is in the range to challenge the $5.59 high – Worldakkam

Uniswap (UNI) has entered the bullish trend zone after breaking above the 21-day Simple Moving Average (SMA). The upward correction is now trapped between the moving averages.

Uniswap Price Long-Term Prediction: Bearish

The altcoin has been fluctuating between the moving averages for the last three days. The market is considered overbought, so the cryptocurrency price is unlikely to reach its previous highs of $6.00 or $6.50. Nevertheless, UNI will fall if sellers appear in the overbought zone of the market. Altcoins will cross the 21-day line SMA. If the altcoin holds position above his 21-day line SMA, the current rangebound move will continue. If the price breaks below the 21-day line SMA, UNI will fall to the previous low of $5.00.

Uniswap indicator display

The 14-period Relative Strength Index is 52, indicating that Uniswap is on an upward trend and may rise to its previous highs. The price bar is between the moving averages, indicating that the cryptocurrency may be moving in a range. The altcoin is in the overbought zone of the market, above the 80 level of the daily stochastic. This indicates that the uptrend has come full circle.

Technical indicators:

Main resistance levels – $18.00 and $20.00

Primary Support Levels – $8.00 and $6.00

What’s next for Uniswap?

UNI is currently making a range bound move between the moving averages. Altcoins will start trending once the range bound level is broken. In the meantime, the market has reached overbought territory, thus favoring sellers. UNI may fall when sellers appear in the overbought area. Altcoins could fall to previous lows of $5.00. A break below the current support level will see UNI fall to $2.88.

Disclaimer. This analysis and predictions are the author’s personal opinion and are not endorsements to buy or sell cryptocurrencies and should not be considered endorsements by Coin Idol. Readers should do their own research before investing in any fund.