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UNI price is moving higher from the $6.00 support. Uniswap is up 5% and it could rally if there is a clear move above the $6.35 resistance zone.
- UNI started a fresh increase from the $5.50 support zone.
- The price is trading above $6.00 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $6.20 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
- The pair is showing bullish signs and might rally if it clears the $6.35 resistance.
UNI Price Aims Higher
After forming a support base above $5.65, UNI started a fresh increase. There was a decent upward move in Uniswap above the $6.00 and $6.20 resistance levels.
However, the bears were active near the $6.35 zone. A high was formed at $6.33 before there was a downside correction. The price declined below the $6.20 level. There was a move below the 23.6% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high.
It tested the $6.00 support and the 50% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high. Uniswap is rising again above the $6.10 level, outperforming Bitcoin and Ethereum.
UNI price is trading above $6.00 and the 100 simple moving average (4 hours). Immediate resistance on the upside is near the $6.20 level. There is also a key bearish trend line forming with resistance near $6.20 on the 4-hour chart of the UNI/USD pair.
Source: UNIUSD on TradingView.com
The next key resistance is near the $6.35 level. A close above the $6.35 level could open the doors for more gains in the near term. The next key resistance could be near $7.00, above which the bulls are likely to aim a test of the $7.20 level. Any more gains might send UNI toward $7.50.
Dips Supported in Uniswap?
If UNI price fails to climb above $6.20 or $6.35, it could start another downside correction. The first major support is near the $6.00 level.
The next major support is near the $5.85 level. A downside break below the $5.85 support might open the doors for a push toward $5.50.
Technical Indicators
4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.
Major Support Levels – $6.00, $5.85 and $5.50.
Major Resistance Levels – $6.20, $6.35 and $7.00.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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