Uniswap (UNI) has been in a sideways consolidation trend for the past two weeks.

The downtrend ended after the cryptocurrency fell to the oversold zone of $9.55. The cryptocurrency's price has fluctuated between $9.55 and $12 since Jan. 24. The bulls were unable to keep the price above the high $12 level.

On January 31, the bulls were repulsed in their attempt to break above the recent highs. Today, the market resumed its upward movement and reached the high of $12 again. If the bulls overcome the initial resistance, UNI/USD will rise to $18 or $20. In addition, the cryptocurrency will come out of a downside correction. On the other hand, further declines are unlikely as the market has reached oversold territory. At the time of writing, UNI/USD was trading at $11.57.

Uniswap Indicator Readings

The UNI is at the 43rd level of the 14th Relative Strength Index due to recent gains. The cryptocurrency is still in a downtrend and below the mid-50s. the UNI price bar is below the moving average, which indicates that UNI/USD is trading in a downtrend zone. The cryptocurrency is in a downward position.

UNIUSD(Daily K-line chart)_FEB._5.png

Technical specifications.

Major resistance levels – $55.00 and $57.00

Major support levels – $30.00 and $28.00

What is the next direction for Uniswap?

UNI/USD is in a downside correction with the price fluctuating between $9.55 and $12. The cryptocurrency is already in oversold territory. Buyers are emerging after trying to break the initial resistance at $12.

UNIUSD(_4_Hour_Chart)_-_FEB._5.png

Disclaimers. This analysis and predictions represent the author's personal views and do not constitute advice on buying or selling cryptocurrencies and should not be considered as an endorsement by Coin Idol. Readers should do their own research before investing their money.