UNI price started a decent increase 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 $10.00 resistance zone.
- The price is trading above $11.00 and the 100 hourly simple moving average.
- There was a break above a connected downtrend line with resistance near $9.50 on the hourly chart of the UNI/USD pair (data source from Kraken).
- The pair could correct its gains, but bulls could see more upside above $11.75 in the near term.
UNI Price maintains its gains
After forming a base above the $8.80 level, Uniswap started a fresh rise as Bitcoin And Ethereum. UNI price accelerated to break above the $9.20 and $9.50 resistance levels.
There was a break above a connected 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. Eventually, the bears appeared near the $11.75 area.
A high formed near $11.78 and price is now consolidating gains near the 23.6% Fibonacci retracement level of the upward move from the $8.70 low to $11.78 high .
UNI is now trading above $11.00 and the 100 hourly simple moving average. Immediate resistance is near the $11.50 level. The next key resistance is near the $11.75 level. A close above the $11.75 level could open the door for more short-term gains. The next key resistance could be near $12.20, above which bulls will likely aim for a test of the $12.50 level. Any further gains could send UNI towards $13.50.
Are dips supported in Uniswap?
If UNI price fails to move above $11.50 or $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% Fibonacci retracement level of the upward move from the $8.70 low to $11.78 high. A downside break below the $10.25 support could open the door for a push towards $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 near the 50 level.
Key support levels – $11.05, $10.50 and $10.25.
Major resistance levels – $11.50, $11.75 and $12.20.
