Wednesday, July 17, 2024
Home > News > Cryptocurrency Market > UNI Eyes Set on Further Gains

UNI Eyes Set on Further Gains

UNI price started a fresh increase above the $9.50 resistance. Uniswap is showing positive signs and might eye more upsides above the $10.00 resistance.

  • UNI started a fresh increase above the $9.50 resistance zone.
  • The price is trading above $9.60 and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $10.15 on the hourly chart of the UNI/USD pair (data source from Kraken).
  • The pair might aim for more upside if there is a clear move above the $10.20 resistance.

UNI Price Holds Support

After forming a base above the $8.75 level, Uniswap started a fresh increase like Bitcoin and Ethereum. UNI price gained pace for a move above the $9.20 and $9.50 resistance levels.

The price even cleared the $10.00 resistance zone. A high was formed at $10.32 before the price started a downside correction. There was a drop below the $10.00 level and the 23.6% Fib retracement level of the upward move from the $8.72 swing low to the $10.32 high.

UNI is still trading above $9.50 and the 100-hourly simple moving average. Immediate resistance is near the $10.00 level. The next key resistance is near the $10.20 level. There is also a key bearish trend line forming with resistance near $10.15 on the hourly chart of the UNI/USD pair.

Source: UNIUSD on TradingView.com

A close above the $10.20 level could open the doors for more gains in the near term. The next key resistance could be near $10.65, above which the bulls are likely to aim a test of the $11.50 level. Any more gains might send UNI toward $12.00.

Are Dips Limited In Uniswap?

If UNI price fails to climb above $10.00 or $10.20, it could slowly move down. The first major support is near the $9.50 level or the 50% Fib retracement level of the upward move from the $8.72 swing low to the $10.32 high.

The next major support is near the $9.35 level. A downside break below the $9.35 support might open the doors for a push toward $9.00.

Technical Indicators

Hourly MACD – The MACD for UNI/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.

Major Support Levels – $9.50, $9.35, and $9.00.

Major Resistance Levels – $10.00, $10.20, and $10.65.

Source