UNI price started a good increase above the $10.00 resistance level. Uniswap is showing positive signs and may be eyeing further advances above the $11.75 resistance level.
- UNI started a new rally above the $10.00 resistance area.
- The price is trading above the $11.00 level and the 100 hourly simple moving average.
- There was a break above the connecting downtrend line with resistance near $9.50 on the hourly chart of the UNI/USD pair (data source from Kraken).
- The pair may correct its gains, but the bulls may look for further advances above $11.75 in the near term.
UNI price holds gains
After forming a base above the $8.80 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.
There was a break above the solid downtrend line with resistance near $9.50 on the hourly chart of the UNI/USD pair. The bulls even pushed the price above the $10.50 and $11.20 resistance levels. Finally, the bears emerged near the $11.75 area.
A top has formed near $11.78 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the swing low of $8.70 to the swing high of $11.78.
UNI is now trading above the $11.00 level and the 100 hourly simple moving average. Immediate resistance is located near the $11.50 level. The next major resistance is near the $11.75 level. A close above $11.75 could open doors for further gains in the near term. The next major resistance could be near $12.20, above which the bulls are likely to aim to test the $12.50 level. Any further gains could send UNI towards $13.50.
Are dips supported in Uniswap?
If UNI price fails to rise above $11.50 or $11.75, it may start 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 swing high. A downward breakout below the $10.25 support level could open the doors for a push towards the $8.80 level.
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 approaching the 50 level.
Key Support Levels – $11.05, $10.50, and $10.25.
Major resistance levels – $11.50, $11.75, and $12.20.