UNI price started a fresh increase above the $9.50 resistance. Uniswap is showing positive signs and might eye more upsides above the $10.00 resistance.
- UNI started a fresh increase above the $9.50 resistance zone.
- The price is trading above $9.60 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance near $10.15 on the hourly chart of the UNI/USD pair (data source from Kraken).
- The pair might aim for more upside if there is a clear move above the $10.20 resistance.
UNI Price Holds Support
After forming a base above the $8.75 level, Uniswap started a fresh increase like Bitcoin and Ethereum. UNI price gained pace for a move above the $9.20 and $9.50 resistance levels.
The price even cleared the $10.00 resistance zone. A high was formed at $10.32 before the price started a downside correction. There was a drop below the $10.00 level and the 23.6% Fib retracement level of the upward move from the $8.72 swing low to the $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 key bearish trend line 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 doors for more gains in the near term. The next key resistance could be near $10.65, above which the bulls are likely to aim a test of the $11.50 level. Any more gains might send UNI toward $12.00.
Are Dips Limited In Uniswap?
If UNI price fails to climb above $10.00 or $10.20, it could slowly move down. The first major support is near the $9.50 level or the 50% Fib retracement level of the upward move from the $8.72 swing low to the $10.32 high.
The next major support is near the $9.35 level. A downside break below the $9.35 support might open the doors for a push toward $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.
Major Support Levels – $9.50, $9.35, and $9.00.
Major Resistance Levels – $10.00, $10.20, and $10.65.
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