UNI Price Prediction – Uniswap Turns Green and Eyes More Upsides

by

As a seasoned crypto investor with experience in the volatile market, I’ve seen Uniswap (UNI) make some impressive moves over the past few weeks. After forming a base above the $8.80 level, UNI started a fresh increase, following Bitcoin and Ethereum’s upward trends. The price gained momentum to break above resistance levels of $9.20, $9.50, and even $11.20.

The price of UNI on the open market has begun to climb steadily above the $10.00 threshold, indicating a promising trend for Uniswap. With this uptick in value, Uniswap may continue to rise and potentially surpass the $11.75 resistance level.

    UNI started a fresh increase 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 connecting bearish trend line with resistance near $9.50 on the hourly chart of the UNI/USD pair (data source from Kraken).
    The pair might correct gains, but the bulls might eye more upsides above $11.75 in the near term.

UNI Price Holds Gains

Uniswap commenced a new uptrend following its establishment of a foundation above the $8.80 mark, similar to Bitcoin and Ethereum. The value of UNI tokens picked up momentum, surpassing the resistance thresholds at $9.20 and $9.50 respectively.

On the UNI/USD hourly chart, the price surpassed a bearish trend line with resistance around $9.50, followed by breaking past the resistance at $10.50 and $11.20. However, bears reemerged near the $11.75 level.

Near $11.78, a peak was reached and prices are currently holding steady. The market is pausing around the 23.6% Fibonacci retracement point of the rally that started at $8.70 low and peaked at $11.78 high.

UNI Price Prediction – Uniswap Turns Green and Eyes More Upsides

UNI currently trades above $11.00 and its 100-hour moving average. Immediately upward, resistance lies around $11.50. A successful breakthrough beyond $11.75 could lead to further gains in the short term. Potential resistance levels include $11.75, $12.20, and ultimately $13.50.

Are Dips Supported In Uniswap?

If the UNI price doesn’t reach or surpass $11.50 or $11.75, there’s a risk of a price drop. The initial significant support lies around $11.05.

If we look ahead, the next significant resistance lies around the $10.25 mark or the 50% Fibonacci retracement point of the price rise from the $8.70 swing low to the $11.78 peak. A decline below the $10.25 barrier could potentially pave the way for further drops 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.

Major Support Levels – $11.05, $10.50, and $10.25.

Major Resistance Levels – $11.50, $11.75, and $12.20.

Read More

2024-05-27 06:40