UNI price started a big rise above the USD 10.50 resistance. Uniswap is showing positive signs and could see more upside above the $12.00 resistance.
- UNI started a fresh rise above the USD 10.50 resistance zone.
- The price is trading above USD 11.20 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance around $10.35 on the hourly chart of the UNI/USD pair (Kraken data source).
- The pair could correct gains, but bulls could see more upside above $12.00 in the near term.
UNI Price regains traction
After forming a base above the $9.20 level, Uniswap started a new rise, just like Bitcoin and Ethereum. UNI price gained pace and settled above the USD 9.80 and USD 10.00 resistance levels.
There was a break above a key bearish trendline with resistance around $10.35 on the hourly chart of the UNI/USD pair. The bulls even pushed the price above the USD 10.50 and USD 11.50 resistance levels. Finally, the bears appeared near the $12.00 zone.
A high was formed near $11.795 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $9.28 swing low to the $11.95 high.
UNI is now trading above $11.20 and the 100-hour moving average. Immediate resistance is near the $11.55 level. The next major resistance is near the $12.00 level. A close above the USD 12.00 level could open the doors for more gains in the near term.
The next major resistance could be near $12.20, above which bulls are likely to target a test of the $12.50 level. Any further gains could send UNI to $13.50.
Are dips supported in Uniswap?
If UNI price fails to rise above $11.95 or $12.00, it could trigger a downward correction. 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 upward move from the $9.28 swing low to the $11.95 high. A downside break below the USD 10.60 support could open the doors for a push towards USD 10.20.
Technical indicators
Hourly MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.
Major support levels – $11.00, $10.60 and $10.20.
Major resistance levels – $11.55, $12.00 and $12.20.