UNI price is moving higher from the $5.65 support. Uniswap is up 5% and it seems like the bulls could aim a fresh surge toward the $8.00 zone.
- UNI started a fresh increase above the $6.00 and $6.20 resistance levels.
- The price is trading above $6.50 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $6.60 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
- The pair is showing bullish signs and might rally if it clears the $7.25 resistance.
UNI Price Aims Higher
After forming a support base above $5.65, UNI started a fresh increase. The bulls were able to push Uniswap’s price above the $6.00 and $6.20 resistance levels, outperforming Bitcoin and Ethereum.
There was a break above a key bearish trend line with resistance near $6.60 on the 4-hour chart of the UNI/USD pair. The pair even cleared the $6.75 resistance level. It is now approaching the 50% Fib retracement level of the downward move from the $8.24 swing high to the $5.67 low.
UNI is now trading above $6.50 and the 100 simple moving average (4 hours). Immediate resistance on the upside is near the $6.95 level. The next key resistance is near the $7.250 level. It 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: UNIUSD on TradingView.com
A close above the $7.25 level could open the doors for more gains in the near term. The next key resistance could be near $7.65, above which the bulls are likely to aim a test of the $8.00 level. Any more gains might send UNI toward $8.25.
Dips Supported in Uniswap?
If UNI price fails to climb above $6.95 or $7.25, it could correct further lower. 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 downside break below the $6.25 support might open the doors for a push toward $6.00.
Technical Indicators
4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 50 level.
Major Support Levels – $6.60, $6.25 and $6.00.
Major Resistance Levels – $6.95, $7.25 and $8.00.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.