UNI price started a fresh rise above the USD 9.50 resistance. Uniswap is showing positive signs and could see more upside above the USD 10.00 resistance.
- UNI started a fresh rise above the USD 9.50 resistance zone.
- The price is trading above USD 9.60 and the 100-hour moving average.
- A major bearish trendline is forming with resistance around $10.15 on the hourly chart of the UNI/USD pair (Kraken data source).
- The pair could seek more upside potential if there is a clear move above the $10.20 resistance.
UNI Prize maintains support
After forming a base above the USD 8.75 level, Uniswap started a new increase, just like Bitcoin and Ethereum. UNI price gained pace and settled above the USD 9.20 and USD 9.50 resistance levels.
The price has even crossed the USD 10.00 resistance zone. A high was formed at $10.32 before the price started a downward correction. There was a decline 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-hour moving average. Immediate resistance is near the $10.00 level. The next major resistance is near the $10.20 level. There is also a major bearish trendline forming with resistance around $10.15 on the hourly chart of the UNI/USD pair.
A close above the USD 10.20 level could open the doors for more gains in the near term. The next major resistance could be near $10.65, above which bulls are likely to target a test of the $11.50 level. Any further gains could send UNI towards $12.00.
Are dips limited in Uniswap?
If the UNI price fails to rise above $10.00 or $10.20, it could slowly decline. 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 USD 9.35 support could open the doors for a push towards USD 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.
