Uniswap's (UNI) price has been falling consistently on the downside. The crypto has fallen to a $20 low at the time of writing. It appears the market is declining to revisit the previous low at $13.
The crypto has earlier recovered but the upward correction was resisted at the $29 high. However, this bullish impulse attracted sellers at the recent high.
This led to the current downtrend to $20 low. The market is retesting and fluctuating above the $20 support. Uniswap will resume an upward move if the current support holds. Buyers will want to push the crypto to retest the $29 high. The current support is the historical price level of February 15. If the bears break this level, UNI will fall and revisit the previous low at $13.
Uniswap indicator reading
UNI has fallen to level 37 of the Relative Strength Index period 14. The market is in the downtrend zone and below the centerline 50. It appears the crypto is approaching the oversold region of the market. However, the crypto is below the 20% range of the daily stochastic. It indicates that UNI is already in the oversold region of the market. Buyers are likely to emerge.
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap?
The altcoin is in a downward move. On May 28 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 $20.02. From the price action, UNI is testing the 2.0 Fibonacci level or above $20.
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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