UNI price started a new increase above the $9.50 resistance level. Uniswap is showing positive signs and may be eyeing further advances above the $10.00 resistance level.
- UNI started a new rally above the $9.50 resistance area.
- The price is trading above the $9.60 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $10.15 on the hourly chart of the UNI/USD pair (data source from Kraken).
- The pair may target further upside if there is a clear move above the $10.20 resistance level.
UNI price holds support
After forming a base above the $8.75 level, Uniswap started a new surge like Bitcoin and Ethereum. UNI price gained pace to move above the $9.20 and $9.50 resistance levels.
The price even crossed the $10.00 resistance area. A high was formed at $10.32 before the price began a downward correction. There was a drop below the $10.00 level and the 23.6% Fib retracement level of the upward move from the swing low of $8.72 to the swing high of $10.32.
UNI is still trading above $9.50 and the 100 hourly simple moving average. Immediate resistance is located near the $10.00 level. The next major resistance is near the $10.20 level. There is also a major bearish trend line forming with resistance near $10.15 on the hourly chart of the UNI/USD pair.
A close above $10.20 could open doors for further gains in the near term. The next major resistance could be near $10.65, above which the bulls are likely to aim to test the $11.50 level. Any further gains could send UNI towards $12.00.
Are dips limited in Uniswap?
If UNI price fails to rise above $10.00 or $10.20, it may move down slowly. The first major support is near the $9.50 level or the 50% Fibonacci retracement level of the upward move from the $8.72 swing low to the $10.32 swing high.
The next major support is near the $9.35 level. A downward breakout below the $9.35 support level could open the doors for a push towards $9.00.
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 above the 50 level.
Key Support Levels – $9.50, $9.35, and $9.00.
Major resistance levels – $10.00, $10.20, and $10.65.
