As a researcher with extensive experience in the cryptocurrency market, I have closely monitored Uniswap’s (UNI) price action over the past few days. Based on my analysis of UNI’s price chart and technical indicators, I believe that Uniswap is showing positive signs and might eye more upsides above the $12.00 resistance in the near term.
As a crypto investor, I’ve noticed an impressive uptrend in UNI‘s price, surpassing the previous resistance at $10.50. With Uniswap exhibiting promising signs, there’s a strong possibility of further gains, potentially reaching new heights above the next resistance level at $12.00.
- UNI started a fresh increase above the $10.50 resistance zone.
The price is trading above $11.20 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance near $10.35 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 $12.00 in the near term.
UNI Price Regains Traction
Following the establishment of a foundation above the $9.20 mark, Uniswap’s price picked up momentum in a fashion similar to Bitcoin and Ethereum. The UNI token surged past the resistance at $9.80 and continued its upward trajectory towards the $10.00 threshold.
On the UNI/USD hourly chart, the price surpassed a significant bearish trend line, marked with resistance around $10.35. The bulls’ strength propelled the price beyond the resistance levels of $10.50 and $11.50. However, near the $12.00 mark, bears reemerged.
Near $11.795, a peak was reached and the price is currently stabilizing around the 23.6% Fibonacci retracement mark in the ongoing uptrend, which started at the $9.28 swing low and peaked at $11.95.
UNI currently trades above $11.20 and its 100-hour moving average. The price is approaching resistance at around $11.55. A significant barrier lies at approximately $12.00, surpassing which might lead to further growth in the short term.
As a crypto investor, I believe the upcoming significant resistance lies around $12.20. Should UNI surpass this mark, the bullish sentiment is likely to push prices further up towards testing $12.50. If we manage to break through this level, we might see UNI reaching even higher targets at approximately $13.50.
Are Dips Supported In Uniswap?
If the UNI price doesn’t reach or exceed $11.95 or $12.00, there’s a risk it may initiate a decline. The initial support level lies around $11.00.
The level of significant resistance lies around $10.60 or at the 50% mark of the price rally from the prior swing low at $9.28 to the peak at $11.95. A potential breakdown beneath this barrier could pave the way for further declines towards $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.
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2024-06-05 07:34