UNI price is moving higher after the USD 5.65 support. Uniswap is up 5% and it looks like the bulls could be targeting another surge towards the $8.00 zone.
- UNI started a fresh rise above the USD 6.00 and USD 6.20 resistance levels.
- The price is trading above USD 6.50 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance around $6.60 on the 4-hour chart of the UNI/USD pair (Kraken data source).
- The pair is showing bullish signs and could rise if it breaks the $7.25 resistance.
UNI price aims higher
After forming a support base above $5.65, UNI initiated another 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 trendline with resistance around $6.60 on the 4-hour chart of the UNI/USD pair. The pair even crossed 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). The immediate resistance on the upside is near the USD 6.95 level. The next major 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 USD 7.25 level could open the doors for more gains in the near term. The next major resistance could be near $7.65, above which bulls are likely to aim for a test of the $8.00 level. Any further gains could send UNI to $8.25.
Dips supported in Uniswap?
If UNI price fails to rise above USD 6.95 or USD 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 USD 6.25 support could open the doors for a push towards USD 6.00.
Technical indicators
4-hour MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
4-hour 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.
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