Uniswap Headed into Oversold Zones on Hourly Charts
After a fabulous six days on a bull run, Uniswap has reversed the positive trend into a profit booking scenario driving the valuations close to the lows of the previous swing. Is it just a profit booking or a trend reversal on a broader level? Trading below the lows of the previous swing can push Uniswap towards the bearish zone. It must keep above the $19.5 – $20 zones to remain bullish on a larger time frame.
There is a good potential of ending the bearish leg of the current swing above the immediate support zones. Analyzing the technical analysis of Uniswap will clear out the factors affecting the technical indicators and the levels to watch out for.
Uniswap Cryptocurrency Technical Analysis
The fall of Uniswap could also be triggered by the resistance at the 200 Day Moving Average of $23.45. On daily charts, MACD indicates the starting of a dormancy period for Uniswap strengthening the hourly indications. Uniswap was down by 8.50% during the time of writing this technical analysis.
Uniswap is trading at an RSI of under 20, currently 17.8 on histogram charts, which indicates a bearish range and high selling pressure on hourly charts. But MACD is indicating the slowdown of the current negative trend that started from $23.46 levels.
While there has been a significant increase in negative or selling volumes in the last couple of hours, Uniswap has not quite entered the bearish zone till its remains above the swing support levels marked above.
A closing below those levels could create a fresh selling in Uniswap with an attempt to retrace all of its recent gains. Long-term supports are active at $15.5. According to our Uniswap forecast, a bounce in buying action and change in RSI levels can further bring back Uniswap to make another attempt at breaking the 200 DMA resistance.