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Uniswap Rebounds as It Resumes Uptrend but Faces Challenges at $6.71 High

Uniswap Rebounds as It Resumes Uptrend but Faces Challenges at $6.71 High

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September 10, 2022 at 11:11 // Price

Uniswap (UNI) price is in a downtrend but making positive moves when it crosses the 21-day SMA. On July 28, UNI price peaked at $9.80, but then pulled back.


The initial uptrend was interrupted due to an overbought market situation. The cryptocurrency fell to a low of $5.71 and returned to a new uptrend.


The price of the cryptocurrency broke the 21-day SMA line after another test. UNI is now trading above the 21-day SMA but below the 50-day SMA. If buyers hold the price above the 50-day SMA, the altcoin will rise and retrace its previous high of $9.80. UNI continues to rise to $12.04 if the current resistance is broken. On the contrary, the coin will have to move between the average lines if the 50-day SMA line is not breached.


Uniswap indicator analysis


The Uniswap indicator is at the Relative Strength Index level of 46 over 14 periods. It shows that the cryptocurrency is in a downtrend zone despite an upward correction. Buyers try to keep the price above the 21-day SMA. This causes the cryptocurrency to move in a certain range. UNI is below 80% of the daily stochastic. This shows that the market has bearish momentum, but it has subsided.


UNIUSD(Daily+Chart)+-+September+10.png


Technical indicators


Key Resistance Zones: $12.00, $14.00, $16.00



Major Support Areas: $10.00, $8.00, $6.00


What is Uniswap’s next direction?


Uniswap’s bullish correction meets resistance at $6.71. Cryptocurrency is capable of a new uptrend. The body of the candle traced in the uptrend of September 9 tested the 61.8% Fibonacci level. A retracement suggests that UNI will rise to the Fibonacci extension at 1.618 or $7.24.


UNIUSD(+4+hours+chart)+-+September+10.png


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement by CoinIdol. Readers should do their research before investing in funds.

Source: https://coinidol.com/uniswap-6-71-high/

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