Uniswap breaks above $26 high as upside momentum is likely
Sellers will poise stiff resistance above the recent high
Uniswap (UNI) Current Statistics
The current price: $26.83
Market Capitalization: $26,813,729,575
Trading Volume: $505,751,770
Major supply zones: $55, $57, $59
Major demand zones: $22, $20, $18
Uniswap (UNI) Long-Term Analysis: Bullish
Uniswap’s (UNI) price has rallied to $26.44 as upside momentum is likely. Also, the upward moves have been consistent after a rebound above the $15 support. However, further upward moves above the recent high are doubtful as the market reaches the overbought region. Meanwhile, the uptrend will continue as long as the price bars are above the moving averages. On August 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UNI will rise but reverse at level 1.272 Fibonacci extension or $25.64. From the price action, the market is hovering above the $26 high.
Uniswap (UNI) Indicator Analysis As Upside Momentum is Likely
UNI is at level 73 of the Relative Strength Index period 14. It indicates that the altcoin is in the overbought region of the market. There is a likelihood of the emergence of sellers in the overbought region. The 21-day and 50-day SMAs are sloping upward. UNI also has a bullish crossover. That is the 21-day SMA crosses above the 50-day SMA indicating a buy signal. The crypto is above the 80% range of the daily stochastic. It indicates that the coin is in the overbought region of the market.
What Is the Next Direction for Uniswap (UNI))?
UNI/USD has reached the overbought region on three-time frames as upside momentum is likely. There is a likelihood that sellers will be attracted at the $26 high. This will compel the altcoin to fall. The altcoin has been consolidating below the $26 high for the past two days. On the other hand, if a breakout occurs, the uptrend will continue on the upside.
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