UNI’s Eyes Are Set to Achieve More

The price of UNI started a new rise above the $9.50 resistance. Uniswap is showing positive signs and may see a rise above the $10.00 resistance.

• UNI started a new move above the $9.50 resistance area.
• The price is trading above $9.60 and the 100-hour simple moving average.
• There is an important bearish line running with resistance near $10.15 on the hourly chart of the UNI/USD pair (data source from Kraken).
• The pair may aim to look higher if there is a clear move above the $10.20 resistance.

UNI Price Holds Support

After making a base above the level of $8.75, Uniswap started a new expansion like Bitcoin and Ethereum. UNI price has gained momentum to move above the resistance levels of $9.20 and $9.50.

The price even cleared the $10.00 resistance area. A high was formed at $10.32 before the price began a lower correction. There was a decline below the $10.00 level and a 23.6% Fib retracement level of the upside from the $8.72 low to $10.32 high.

UNI is still trading above $9.50 and the 100 hourly simple moving average. Immediate resistance is near the $10.00 level. The next key resistance is near the $10.20 level. There is also a major bearish trendline forming with resistance near $10.15 on the hourly chart of the UNI/USD pair.

A close above the $10.20 level could open the door to further gains in the near term. The next key resistance may be near $10.65, above which the bulls may aim for a test of the $11.50 level. Any additional gains would send the UNI to $12.00.

Is Dips Limited on Uniswap?

If the price of UNI fails to rise above $10.00 or $10.20, it may gradually decline. The first major support is near the $9.50 level or the 50% Fib retracement level of the upside from the $8.72 swing low to the $10.32 high.

The next major support is near the $9.35 level. A break below the $9.35 support could open the doors to a push to $9.00.

Technical References

Hourly MACD – UNI/USD’s MACD is losing momentum in bullish territory.

Hourly RSI (Relative Strength Index) – The UNI/USD RSI is above the 50 level.

Major Support Levels – $9.50, $9.35, and $9.00.

Major Resistance Levels – $10.00, $10.20, and $10.65.