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UNI price increased by over 25% and climbed above $6.20. Uniswap is now consolidating its gains and any decline could attract the bulls in the short term.
- UNI began a further rise above the $5.20 and $6.00 resistance levels.
- The price is trading above $5.80 and the 100 simple moving average (4-hours).
- There was a break above a key bearish channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
- The pair could correct lower, but the bulls could be active near the $5.60 and $5.55 levels.
The UNI price regains its strength
After forming a support base above $4.80, UNI began a fresh surge. The bulls managed to push Uniswap price above the $5.25 and $5.30 resistance levels, outperforming Bitcoin and Ethereum.
There was a break above a key bearish channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair. The pair rose over 25% and even climbed above $6.20. A new multi-week high has formed near $6.60 and the price is correcting lower.
There was a move below the $6.25 level. Uniswap is now approaching the 23.6% Fibonacci retracement level of the upward move from the $4.83 low to $6.60 high.
UNI is still trading above $5.80 and the 100 simple moving average (4-hours). If there is a further rise, the price could face resistance near the $6.40 level. The next key resistance is near the $6.60 level. A close above the $6.60 level could open the door for more near-term gains.
Source: UNIUSD on TradingView.com
The next key resistance could be near $6.88, above which bulls will likely aim for a test of the $7.00 level. Any further gains could send UNI towards $7.20.
Dips supported in Uniswap?
If UNI price fails to move above $6.40 or $6.60, it could fall further. The first major support is near the $6.05 level. The next major support is near the $5.70 level.
The main support is near $5.55, which is the 61.8% Fibonacci retracement level of the upward move from the $4.83 low to $6.60 high. A downside break below the $5.55 support could open the door for a push towards $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.
Key support levels – $6.05, $5.70 and $5.55.
Major resistance levels – $6.40, $6.60 and $7.00.
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