Uniswap is in a Sideways Trend as Bulls and Bears are Undecided on the Next Move

Uniswap's (UNI) price has fallen as low as $22.66 after the last downward impulse.

The altcoin has been in a downward correction for the past five days. The downward momentum has subsided and the altcoin is back in a range between $21 and $25.

The price level has remained unstable due to the sideways trend. Nonetheless, the current range bound move will continue unabated if the $21 and $25 range bound levels remain unbroken. If the bulls break the $25 resistance, it would be a sign of resumption of the uptrend. Similarly, if support at $21 is broken, the downtrend will resume. In the meantime, UNI /USD is fluctuating between $21 and $25.

Uniswap indicator reading

UNI/USD is at level 37 of the Relative Strength Index of period 14. The cryptocurrency is in the downtrend zone and below the midline 50. The market is also approaching the oversold zone. The cryptocurrency price is below the 50-day line SMA and the 21-day line SMA, indicating further downward movement. The altcoin is above the 75% area of the daily stochastic. The cryptocurrency is in a bullish momentum. The moving averages are sloping horizontally.

Technical indicators:

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $22.00 and $20.00

What is the next direction for Uniswap

The price of Uniswap is in a downward correction. The market is moving between the $21 and $25 levels and as the price fluctuates, the price action is characterized by small candlesticks called doji. The doji candlesticks describe that buyers and sellers are undecided about the direction of the market.

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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