Uniswap in a Price Range as Price Movement Reaches Deadlock

The price of Uniswap (UNI) is moving marginally as the altcoin has reached the high of $27. The price movement is insignificant as candlesticks are small.

The current price level was reached after two days of a downward correction. The small body candlesticks called doji and spinning tops are responsible for the slow price movement. 

The candlesticks describe that buyers and sellers are undecided about the market direction. Meanwhile, if buyers push the altcoin above the $31 resistance, UNI will resume a new uptrend. The market will rise to reach the high of $36. Conversely, if buyers fail to regain the previous high, sellers will regain the previous low and break below $25 support. UNI will continue to fall to $23 low. In the meantime, the cryptocurrency is locked between the $25 and $31 price levels. 

Uniswap indicator reading

UNI is at level 53 of the Relative Strength Index of period 14. The coin is in the uptrend zone and is capable of rising to the upside. The 21-day line SMA and the 50-day line SMA are sloping upward, indicating an uptrend. UNI is above the 75% area of the daily stochastic. This indicates that the market is in a bullish momentum. 

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 in a sideways trend. The cryptocurrency has narrowed between the $26 and $30 price levels. UNI /USD has been fluctuating in a limited range since August 7. The altcoin will resume the trend when the range-bound levels are broken. Currently, the altcoin is consolidating above the lower price range.

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.

Source: Read Full Article