Uniswap (UNI) has been in a downtrend since October 27. However, the current selling pressure has reached its bearish exhaustion.
There is a probability that the market will resume its upward movement. There was no significant price movement between November 18 and November 26. The price movement was marginal. Uniswap declined and retested the low of $19, which was the previous historical price level of September 26. Today there are bullish candlesticks above current support for a possible uptrend. In previous price action, the market began resuming an uptrend at this price level.
Uniswap indicator reading
UNI is at level 36 on the Relative Strength Index for period 14. The cryptocurrency is approaching the oversold area of the market. Similarly, UNI is below the 20% area of the daily stochastic. Nonetheless, the stochastic bands are inclined horizontally, indicating a sideways movement. Meanwhile, buyers will emerge in the oversold region to end the selling pressure.
Major Resistance Levels — $55.00 and $57.00
Major Support Levels — $30.00 and $28.00
What is the next direction for Uniswap?
UNI/USD is in a downtrend, but the price action has subsided. The cryptocurrency will fall if the price drops below the current support. Meanwhile, on November 18, the downtrend has seen a retracement candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall but reverse at the 1.272 Fibonacci extension level or $17.41.
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.