UNI price is rising from the $5.65 support level. Uniswap is up 5% and it looks like bulls could target a new surge towards the $8.00 area.
- UNI started a new rally above the $6.00 and $6.20 resistance levels.
- The price is trading above $6.50 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the UNI/USD pair (Kraken data source), a breakout occurred above the main bearish trendline with resistance near $6.60.
- The pair is showing bullish signals and could rebound once the $7.25 resistance is cleared.
UNI prices aim higher
After forming a support base above $5.65, UNI started a new increase. Bulls were able to push the price of Uniswap above the $6.00 and $6.20 resistance levels, outperforming Bitcoin and Ethereum.
On the 4-hours chart of the UNI/USD pair, a breakout occurred above the main bearish trendline with resistance near $6.60. The pair even broke above the $6.75 resistance level. It is currently approaching the 50% Fib retracement level with a downward move from the $8.24 swing high to the $5.67 low.
UNI is currently trading above $6.50 and the 100 simple moving average (4-hours). Immediate upside resistance is near the $6.95 level. The next major resistance is near the $7.250 level. This is close to the 61.8% Fib retracement level of the downward move from the $8.24 swing high to the $5.67 low.
Source: TradingView.com UNIUSD
A break above the $7.25 level could open the door to further gains in the near term. The next major resistance could be near $7.65, above which a test of the $8.00 level is likely to be targeted. More gains could lead UNI to $8.25.
Does Uniswap support dips?
If the UNI price fails to rise above $6.95 or $7.25, further declines may occur. The first major support is near the $6.60 level or the 100 simple moving average (4-hours).
The next major support is near the $6.25 level. A break below the $6.25 support line could open the door for an advance towards $6.00.
technical indicators
4-Hour MACD – The MACD for UNI/USD is gaining momentum in bullish territory.
4-Hour Relative Strength Index (RSI) – The RSI for UNI/USD is well above the 50 level.
Key support levels – $6.60, $6.25 and $6.00.
Key resistance levels – $6.95, $7.25 and $8.00.
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