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Home»EXCHANGE NEWS»UNI Price Prediction – Uniswap Momentum Reignites, 15% Rise Possible
EXCHANGE NEWS

UNI Price Prediction – Uniswap Momentum Reignites, 15% Rise Possible

By Crypto FlexsJanuary 16, 20243 Mins Read
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UNI Price Prediction – Uniswap Momentum Reignites, 15% Rise Possible
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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