Jul 03, 2021 at 10:29 // News
Today, Uniswap (UNI) price is declining after resisting at the $19 high. The cryptocurrency has fallen to a low of $18 after bulls tried to break out above the $19 high. The $19 price level was reached after UNI plunged to $13.94 low in a downtrend on June 22.
There is a tendency for the price to fall to the previous low of $13.94 if the bulls fail to break above the $19 resistance level. Moreover, the bears will continue to push the cryptocurrency above the previous low. Conversely, the cryptocurrency will rise to $22 if the buyers manage to get above the recent high. The bullish momentum will likely extend to the $30 high. Currently, the UNI /USD is trading at $18.07 at the time of writing.
Uniswap indicator reading
UNI has risen to the 42 level of the Relative Strength Index period 14. It indicates that crypto is in the downtrend zone and below the midline 50. However, the altcoin is above the 40% area of the daily stochastic. This indicates that crypto is in a bullish momentum. However, this is at odds with the price action. The altcoin is likely to resume a downward movement as a result of the recent rejection.
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap
It is likely that Uniswap will continue to drop lower based on the recent rejections. Meanwhile, on the July 2 downtrend; a retraced candlestick body tested the 50% Fibonacci retracement. The retracement suggests that UNI is likely to fall to the 2.0 Fibonacci Extension level or the $14.56 level. Currently, the upward correction is facing a rejection at the high of $18.
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.