UNI Price Prediction – Uniswap Gains Momentum and Targets Higher Levels
UNI price has witnessed a notable increase above the resistance level of $10.00. Uniswap is currently displaying positive signs and could see further upside movement beyond the resistance level of $11.75.
- UNI has initiated a fresh uptrend after surpassing the resistance level of $10.00.
- The price is currently trading above $11.00 and the 100-hourly simple moving average.
- A bearish trend line connecting the resistance near $9.50 was broken on the hourly chart of the UNI/USD pair (data sourced from Kraken).
- Although a corrective phase might occur, the bulls are likely to aim for higher levels beyond $11.75 in the near future.
UNI Price Maintains Gains
After establishing a support level above $8.80, Uniswap experienced an upward movement similar to Bitcoin and Ethereum. UNI price gained momentum and surpassed the resistance levels of $9.20 and $9.50.
A bearish trend line connecting the resistance near $9.50 was broken on the hourly chart of the UNI/USD pair. The bulls further pushed the price above the resistance levels of $10.50 and $11.20. The bears, however, appeared near the $11.75 zone.
Subsequently, a high was formed close to $11.78, and the price is presently consolidating its gains around the 23.6% Fibonacci retracement level of the upward move from the swing low of $8.70 to the high of $11.78.
UNI is currently trading above $11.00 and the 100-hourly simple moving average. The immediate resistance is around the $11.50 level, followed by a key resistance level near $11.75. A breakthrough above $11.75 could potentially signal further gains in the near term. The subsequent key resistance level may be near $12.20, surpassing which the bulls are likely to target the $12.50 level. Additional upward movement could potentially drive UNI towards $13.50.
Are Dips Supported In Uniswap?
In the event that the UNI price fails to surge above $11.50 or $11.75, it could undergo a downside correction. The first major support level is estimated near $11.05.
The next substantial support level is near $10.25 or the 50% Fibonacci retracement level of the upward move from the swing low of $8.70 to the high of $11.78. A downside break below the support level of $10.25 may pave the way for a push towards $8.80.
Technical Indicators
Hourly MACD – The MACD for UNI/USD is currently losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for UNI/USD is hovering around the 50 level.
Major Support Levels – $11.05, $10.50, and $10.25.
Major Resistance Levels – $11.50, $11.75, and $12.20.