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Home»EXCHANGE NEWS»Is this the beginning of a mass rally?
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Is this the beginning of a mass rally?

By Crypto FlexsJune 5, 20242 Mins Read
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Is this the beginning of a mass rally?
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UNI price broke above the $10.50 resistance level and started a major rally. Uniswap is showing positive signs and could see more upside above the $12.00 resistance.

  • UNI started a new rally above the $10.50 resistance zone.
  • The price is trading above $11.20 and the 100-hour simple moving average.
  • On the hourly chart of the UNI/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance near $10.35.
  • The pair may correct to the upside, but bulls may see further upside above $12.00 in the near term.

UNI price gains traction again

Uniswap started a new rally like Bitcoin and Ethereum after forming a base above the $9.20 level. UNI price rose above the $9.80 and $10.00 resistance levels.

On the hourly chart of the UNI/USD pair, a breakout occurred above the main bearish trendline with resistance near $10.35. The bulls even pushed the price above the $10.50 and $11.50 resistance levels. Finally, weakness emerged near the $12.00 area.

A high was formed near $11.795 and the price is currently consolidating gains near the 23.6% Fib retracement level, rising from the $9.28 swing low to the $11.95 high.

UNI is currently trading at $11.20 and above the 100-hour simple moving average. Immediate resistance is near the $11.55 level. The next major resistance is near the $12.00 level. A break above the $12.00 level could open the door to further gains in the near term.

Source: TradingView.com UNIUSD

The next major resistance could be near $12.20, above which a test of the $12.50 level is likely to be targeted. More gains could lead UNI to $13.50.

Are dips supported on Uniswap?

If the UNI price fails to rise above $11.95 or $12.00, a downward correction may begin. The first major support is near the $11.00 level.

The next major support is near the $10.60 level or the 50% Fib retracement level of the rise from the $9.28 swing low to the $11.95 high. A break below the $10.60 support could open the door for an advance towards $10.20.

technical indicators

Hourly MACD – MACD for UNI/USD is gaining momentum in bullish territory.

Hourly Relative Strength Index (RSI) – RSI for UNI/USD is above the 50 level.

Key support levels – $11.00, $10.60, $10.20.

Key resistance levels – $11.55, $12.00, $12.20.

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