As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price movements and trends in Uniswap (UNI). Based on the current technical analysis, UNI price has started a fresh increase above the $9.50 resistance zone. This is a positive sign for UNI bulls as it shows potential for more upside gains.
The price of UNI at the exchange, Uniswap, has begun to climb anew beyond the $9.50 resistance level. Uniswap exhibits promising trends and could potentially advance further, surpassing the $10.00 resistance threshold.
- 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
Uniswap began to build a foundation for growth above the $8.75 mark, after which it mirrored the surge of Bitcoin and Ethereum. The price of UNI then picked up momentum, surmounting the obstacles at $9.20 and $9.50 as resistance points.
The price surpassed the $10.00 mark, which served as a significant barrier. A peak was reached at $10.32 prior to the price experiencing a decline. Subsequently, there was a fall below the $10.00 figure and the 23.6% Fibonacci retracement level, which represents a pullback during the upward trend from the $8.72 swing low to the $10.32 peak.
UNI currently hovers above the $9.50 mark and the 100-hour moving average. The immediate hurdle for price increase lies around $10.00. Beyond that, significant resistance can be found near $10.20. Additionally, a noteworthy bearish trend line emerges on the hourly UNI/USD chart with resistance at approximately $10.15.
As a researcher studying the price movements of UNI, I believe that surpassing the $10.20 mark could pave the way for further growth in the short term. The next significant resistance may lie around $10.65, and if this level is breached, the bulls are expected to challenge the $11.50 threshold. Any additional gains could potentially push UNI towards reaching $12.00.
Are Dips Limited In Uniswap?
As an analyst, I would interpret that if UNI‘s price doesn’t surpass the $10.00 or $10.20 mark, it might start to trend downward. The primary support areas for this cryptocurrency lie near the $9.50 level or at the 50% Fibonacci retracement point of the upward price action from the $8.72 swing low to the $10.32 peak.
As an analyst, I would interpret the current market situation by saying: The next significant level of resistance lies around $9.35. Dropping below this level could potentially trigger a selling wave that may drive the price down to $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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2024-06-13 08:10