- Uniswap (UNI) has recently breached the $9.50 resistance mark, hinting at a potential bullish trajectory.
- Currently trading above $9.60, the price remains firmly positioned above the 100-hourly simple moving average.
- An important bearish trend line is visible with resistance around $10.15 on the hourly chart, according to data from Kraken.
- If UNI manages to surpass the $10.20 resistance, further upward movements could be on the horizon.
UNI is showing strong bullish signals, potentially paving the way for gains above the $10.00 mark.
UNI Price Maintains Strength
Establishing a firm base above $8.75, Uniswap’s UNI token has embarked on a fresh surge, much like market leaders Bitcoin and Ethereum. UNI witnessed a significant upswing, crossing the $9.20 and $9.50 resistance benchmarks.
The momentum carried it past the $10.00 resistance, reaching a high of $10.32 before a corrective decline occurred. This pullback saw UNI fall below $10.00 and pass the 23.6% Fib retracement level from the upswing of $8.72 to $10.32.
Nevertheless, UNI remains above the $9.50 mark and the 100-hourly simple moving average. Immediate resistance is pegged at the $10.00 level, with subsequent resistance at $10.20. The hourly chart of UNI/USD reveals a key bearish trend line with resistance close to $10.15.
Potential for Further Gains
Clearing the $10.20 resistance barrier could trigger additional gains for UNI in the near term. The next significant resistance level is positioned at $10.65, beyond which the bulls could set their sights on the $11.50 level. A continued upward trend might drive UNI closer to $12.00.
Downside Risks and Supports
In the event that UNI fails to break through the $10.00 or $10.20 resistance, it might experience a gradual decline. The initial substantial support is at $9.50, aligning with the 50% Fib retracement level from the $8.72 low to the $10.32 high.
Further significant support exists around the $9.35 level. A breach below this support could pave the way for a drop towards the $9.00 mark.
Technical Indicators
Hourly MACD – The MACD for UNI/USD is decelerating its bullish momentum.
Hourly RSI – The Relative Strength Index for UNI/USD is positioned above 50, supporting bullish conditions.
Key Support Levels – $9.50, $9.35, $9.00.
Key Resistance Levels – $10.00, $10.20, $10.65.
Conclusion
Uniswap (UNI) is showcasing robust bullish signals, with potential resistance targets at $10.20 and beyond. While risks of a downside correction exist, the presence of substantial support levels might limit severe declines. Traders should look for a clear breach of the $10.20 resistance for confidence in a continued upward trajectory.
