UNI price is rising from the $6.00 support level. Uniswap is up 5% and could rebound if there is a clear move above the $6.35 resistance area.
- UNI initiated a new hike from the $5.50 support zone.
- The price is trading above $6.00 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the UNI/USD pair, there is a major bearish trendline forming with resistance near $6.20 (data source from Kraken).
- The pair is showing bullish signals and could rebound once the $6.35 resistance is cleared.
UNI prices aim higher
After forming a support base above $5.65, UNI started a new increase. Uniswap saw significant gains above the $6.00 and $6.20 resistance levels.
However, the bears remained active near the $6.35 area. A high was reached at $6.33 before a downward correction. The price fell below the $6.20 level. There was a move below the 23.6% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high.
It tested the $6.00 support and the 50% Fib retracement level rising from the $5.53 swing low to the $6.33 high. Uniswap is outperforming Bitcoin and Ethereum and rising above the $6.10 level again.
UNI price is trading above $6.00 and the 100 simple moving average (4-hours). Immediate resistance on the upside is near the $6.20 level. There is a major bearish trendline forming on the 4-hours chart of the UNI/USD pair with resistance near $6.20.
Source: TradingView.com UNIUSD
The next major resistance is near the $6.35 level. A break above the $6.35 level could open the door to further gains in the near term. The next major resistance could be near $7.00, above which a test of the $7.20 level is likely to be targeted. More gains could lead UNI to $7.50.
Does Uniswap support dips?
If UNI price fails to rise above $6.20 or $6.35, another downward correction could begin. The first major support is near the $6.00 level.
The next major support is near the $5.85 level. A break below the $5.85 support could open the door for an advance towards $5.50.
technical indicators
4-Hour MACD – The MACD for UNI/USD is gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.
Key support levels – $6.00, $5.85 and $5.50.
Key resistance levels – $6.20, $6.35 and $7.00.
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