- Uniswap’s UNI token is breaking new ground above crucial resistance levels, hinting at a potential bullish trend continuation.
- The cryptocurrency has surpassed significant milestones, currently trading above $11.20, supported by the 100-hourly simple moving average.
- A recent breach above a notable bearish trend line suggests a growing strength in the market, aligning with broader positive market sentiment.
UNI’s surge above $10.50 presents a promising outlook, potentially leading to further gains beyond the $12.00 mark, reflecting strong bullish momentum.
UNI Price Momentum Gains Strength
Following a consolidation above the $9.20 level, Uniswap’s UNI token showcased a robust upward movement, outperforming major cryptocurrencies like Bitcoin and Ethereum. The price breakthrough above $9.80 and $10.00 indicates a strong bullish trend.
The price action breached a critical bearish trend line near $10.35 on the hourly chart, resulting in UNI surmounting the $10.50 and $11.50 resistance barriers. However, substantial resistance was encountered near the $12.00 mark, leading to a corrective phase.
Currently, UNI is retracting modest gains, stabilizing around the 23.6% Fibonacci retracement level calculated from the $9.28 low to the $11.95 high. The token maintains a position above $11.20, bolstered by the 100-hourly simple moving average.
Prospects for Further Upsides
The immediate resistance at $11.55 remains a focal point. Should UNI achieve a close above the $12.00 resistance, it could pave the way for additional upwards movement. Beyond this level, the next targets could potentially be $12.20, with an eye towards $13.50 if the bullish trend persists.
Evaluating Potential Corrections
If the UNI price faces rejection at $11.95 or $12.00, a correction could follow. The initial support lies at the $11.00 level, providing a cushion for further downside movements.
A more substantial support exists around $10.60, aligning with the 50% Fibonacci retracement level from the $9.28 low to $11.95 high. A breach below this support could lead to a decline towards the $10.20 level.
Technical Analysis Insights
The hourly MACD is demonstrating bullish momentum, indicative of potential further gains. Moreover, the RSI for UNI/USD remains above the critical 50 mark, underscoring the prevailing positive market sentiment.
Significant support levels are observed at $11.00, $10.60, and $10.20, while resistance levels to watch include $11.55, $12.00, and $12.20.
Conclusion
In conclusion, UNI’s price performance signals a healthy bullish trend with potential for further gains if it manages to break critical resistance levels. Short-term corrections remain possible, but the overall trend points towards increasing bullish momentum.
