Uniswap Surges Ahead as It Breaks Above Resistance at $6.00
July 16, 2022Uniswap (UNI) is in an uptrend as the price breaks above the moving average lines. The price of the cryptocurrency has a series of higher highs and higher lows. Today, UNI reaches a higher high of $6.98.
The uptrend will continue if the altcoin makes a higher low on the downside. On the upside, UNI will continue to rise to the high of $8.59 after breaking the initial resistance. However, if the cryptocurrency price declines, it will find support above the moving average lines to resume the uptrend. On the other hand, if the crypto price breaks below the moving average lines, the altcoin will fall. Meanwhile, UNI/USD is trading at $6.98 at the time of writing.
Uniswap indicator reading
UNI is at level 66 of the Relative Strength Index for the period 14. The altcoin is in the bullish trend zone and could continue its uptrend. The price of the cryptocurrency is above the moving average lines, which indicates a possible rise in the cryptocurrency. The uptrend will continue as long as the price bars are above the moving average lines. The altcoin is above the 80% area of the daily stochastic. This means that the market has reached the overbought zone. Further upside is doubtful as the market has reached the overbought area.
Technical indicators:
Major Resistance Levels – $18.00 and $20.00
Major Support Levels – $8.00 and $6.00
What is the next direction for Uniswap?
UNI has resumed its uptrend as the price has risen above the moving average lines. The cryptocurrency has continued its uptrend as the bulls broke the resistance at $6.00. Meanwhile, on June 25 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that UNI will rise to the level of the 2.0 Fibonacci extension or $8.59.
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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