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Home»Analysis»Is this the start of a big rally?
Analysis

Is this the start of a big rally?

2024-06-05No Comments3 Mins Read
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UNI price started a big rise above the USD 10.50 resistance. Uniswap is showing positive signs and could see more upside above the $12.00 resistance.

  • UNI started a fresh rise above the USD 10.50 resistance zone.
  • The price is trading above USD 11.20 and the 100-hour moving average.
  • There was a break above a key bearish trendline with resistance around $10.35 on the hourly chart of the UNI/USD pair (Kraken data source).
  • The pair could correct gains, but bulls could see more upside above $12.00 in the near term.

UNI Price regains traction

After forming a base above the $9.20 level, Uniswap started a new rise, just like Bitcoin and Ethereum. UNI price gained pace and settled above the USD 9.80 and USD 10.00 resistance levels.

There was a break above a key bearish trendline with resistance around $10.35 on the hourly chart of the UNI/USD pair. The bulls even pushed the price above the USD 10.50 and USD 11.50 resistance levels. Finally, the bears appeared near the $12.00 zone.

A high formed near $11.795 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $9.28 swing low to the $11.95 high.

UNI is now trading above $11.20 and the 100-hour moving average. Immediate resistance is near the $11.55 level. The next major resistance is near the $12.00 level. A close above the USD 12.00 level could open the doors for more gains in the near term.

Uniswap price (UNI)
Source: UNIUSD on TradingView.com

The next major resistance could be near $12.20, above which bulls are likely to aim for a test of the $12.50 level. Any further gains could send UNI to $13.50.

See also  Bitcoin's rally is causing a rift in trading behavior

Are dips supported in Uniswap?

If UNI price fails to rise above $11.95 or $12.00, it could trigger a downward correction. The first major support is near the $11.00 level.

The next major support is near the $10.60 level or the 50% Fib retracement level of the upward move from the $9.28 swing low to the $11.95 high. A downside break below the USD 10.60 support could open the doors for a push towards USD 10.20.

Technical indicators

Hourly MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

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

Major support levels – $11.00, $10.60 and $10.20.

Major resistance levels – $11.55, $12.00 and $12.20.

Source link

Big rally Start
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