Uniswap Surges Ahead but Fails to Sustain Above $10 Overhead Resistance

Uniswap (UNI) has continued to perform well as the altcoin has reached a high of $9.80. The cryptocurrency has regained bullish momentum as the altcoin trades above the moving average lines.

The current uptrend is approaching the overriding resistance at $10. The altcoin will come out of the downward correction if the bulls break above the $10 high. The bullish momentum will extend to $18. In the meantime, the cryptocurrency is trading in the overbought zone of the market. On the downside, the market will fall above the $6.68 moving average or support if UNI experiences a rejection at the recent high. 

Uniswap indicator analysis

The Uniswap indicator is at the 72 level of the Relative Strength Index for the 14 period. It indicates that UNI is trading in the overbought area of the market. Sellers will appear and push the prices down.

The altcoin is above the 80% area of the daily stochastic. Further upside is doubtful as the altcoin is trading in the overbought zone. The 21-day line SMA and the 50-day line SMA are on the upside, indicating an uptrend. 

Key Resistance Zones: $8.00, $10.00, $12.00

Key Support Zones: $6.00, $4.00, $2.00

What is the next direction for Uniswap?

UNI/USD is in an uptrend, but the market has reached the overbought zone. Today, UNI is posting a decline from the high of $9.84. The price could bounce back above the moving average lines. However, if the bears break below the moving average lines, the downtrend will resume. The uptrend will continue if the price retraces and finds support above the moving average lines.

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 CoinIdol. Readers should do their research before investing funds.

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