UNI price rose more than 25% and climbed above $6.20. Uniswap is now consolidating gains and any dips could be attractive for the bulls in the short term.
- UNI started a fresh rise above the USD 5.20 and USD 6.00 resistance levels.
- The price is trading above USD 5.80 and the 100 simple moving average (4 hours).
- There was a break above a key descending channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair (Kraken data source).
- The pair could correct lower, but the bulls could be active around the $5.60 and $5.55 levels.
UNI Prize regains strength
After forming a support base above $4.80, UNI started a new wave. The bulls were able to push Uniswap’s price above the $5.25 and $5.30 resistance levels, outperforming Bitcoin and Ethereum.
There was a break above a key descending channel with resistance around $5.25 on the 4-hour chart of the UNI/USD pair. The pair rose more than 25% and even climbed above $6.20. A new multi-week high formed around $6.60 and the price is correcting lower.
There was a move below the $6.25 level. Uniswap is now approaching the 23.6% Fib retracement level of the upward move from the low of $4.83 to the high of $6.60.
UNI is still trading above $5.80 and the 100 simple moving average (4 hours). If there is a fresh rise, the price could face resistance near the $6.40 level. The next major resistance is near the $6.60 level. A close above the USD 6.60 level could open the doors for more gains in the near term.
Source: UNIUSD on TradingView.com
The next major resistance could be near $6.88, above which bulls are likely to aim for a test of the $7.00 level. Any further gains could send UNI to $7.20.
Dips supported in Uniswap?
If UNI price fails to rise above USD 6.40 or USD 6.60, it could correct further lower. The first major support is near the $6.05 level. The next major support is near the $5.70 level.
The net support is near $5.55 or the 61.8% Fib retracement level of the upward move from the low of $4.83 to the high of $6.60. A downside break below the USD 5.55 support could open the doors for a push towards USD 5.00.
Technical indicators
4-hour MACD – The MACD for UNI/USD is losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 50 level.
Major support levels – $6.05, $5.70 and $5.55.
Major resistance levels – $6.40, $6.60 and $7.00.