UNI price started a decent rise above the $$10.00 resistance. Uniswap is showing positive signs and could see more upside above the $11.75 resistance.
- UNI started a fresh rise above the USD 10.00 resistance zone.
- The price is trading above USD 11.00 and the 100-hour moving average.
- There was a break above a connecting bearish trendline with resistance around $9.50 on the hourly chart of the UNI/USD pair (Kraken data source).
- The pair could correct gains, but bulls could see more upside above $11.75 in the near term.
UNI price locks in gains
After forming a base above the $8.80 level, Uniswap started a new rise, just like Bitcoin and Ethereum. UNI price gained pace and settled above the USD 9.20 and USD 9.50 resistance levels.
There was a break above a connecting bearish trendline with resistance around $9.50 on the hourly chart of the UNI/USD pair. The bulls even pushed the price above the USD 10.50 and USD 11.20 resistance levels. Finally, the bears appeared near the $11.75 zone.
A high formed near $11.78 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $8.70 swing low to the $11.78 high.
UNI is now trading above $11.00 and the 100-hour moving average. Immediate resistance is near the $11.50 level. The next major resistance is near the $11.75 level. A close above the $11.75 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 aim for 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 USD 11.50 or USD 11.75, it could trigger a downward correction. 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 upward move from the $8.70 swing low to the $11.78 high. A downside break below the USD 10.25 support could open the doors for a push towards USD 8.80.
Technical indicators
Hourly MACD – The MACD for UNI/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for UNI/USD is close to the 50 level.
Major support levels – $11.05, $10.50 and $10.25.
Major resistance levels – $11.50, $11.75 and $12.20.