UNI price started a significant rise above the $$10.00 resistance. Uniswap is showing positive signs and could see more upside above the $11.75 resistance level.
- UNI broke the $10.00 resistance zone and started a new rally.
- The price is trading above $11.00 and the 100-hour simple moving average.
- On the hourly chart of the UNI/USD pair (data source from Kraken), a breakout occurred above a bearish trend line connecting with resistance near $9.50.
- The pair may correct to the upside, but bulls may see further upside above $11.75 in the near term.
UNI Price Holds Profits
Uniswap started a new rally like Bitcoin and Ethereum after forming a base above the $8.80 level. UNI price rose above the $9.20 and $9.50 resistance levels.
On the hourly chart of the UNI/USD pair, a breakout occurred above a bearish trend line connecting with resistance near $9.50. The bulls even pushed the price above the $10.50 and $11.20 resistance levels. Finally, weakness emerged near the $11.75 area.
A high was formed near $11.78 and the price is currently consolidating gains near the 23.6% Fib retracement level, rising from the $8.70 swing low to the $11.78 high.
UNI is currently trading above $11.00 and the 100-hour simple moving average. Immediate resistance is near the $11.50 level. The next major resistance is near the $11.75 level. A break above the $11.75 level could open the door to further gains in the near term. 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 $11.50 or $11.75, a downward correction could begin. The first major support is near the $11.05 level.
The next major support is near the $10.25 level or the 50% Fib retracement level of the rise from the $8.70 swing low to the $11.78 high. A break below the $10.25 support could open the door for an advance towards $8.80.
technical indicators
Hourly MACD – MACD for UNI/USD is losing momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for UNI/USD is near the 50 level.
Key support levels – $11.05, $10.50, $10.25.
Key resistance levels – $11.50, $11.75, $12.20.