UNI Starts Fresh Increase from Support Zone
UNI has begun a new upward movement after finding support above the $5.65 level. The price of Uniswap has surpassed the resistance levels at $6.00 and $6.20.
However, there was selling pressure near the $6.35 zone, resulting in a downside correction. The price dropped below $6.20 and tested the $6.00 support level.
Despite this, Uniswap is now rising above the $6.10 level, outperforming Bitcoin and Ethereum. It is currently trading above $6.00 and the 100 simple moving average (4 hours).
Resistance Levels and Potential Gains
The immediate resistance on the upside is near $6.20, where a key bearish trend line is forming on the 4-hour chart of the UNI/USD pair.
The next significant resistance level to watch out for is at $6.35. A close above this level could lead to further gains in the near future.
If the bulls continue their momentum, the next important resistance levels are at $7.00 and $7.20, with a potential target of $7.50.
Dips Supported by Key Levels
In case UNI fails to break above the resistance levels at $6.20 or $6.35, it may experience another downward correction.
The first major support level to watch out for is at $6.00, followed by a stronger support near $5.85.
A break below the $5.85 support level could result in a push towards the key support zone at $5.50.
Technical Indicators
The MACD for UNI/USD on the 4-hour chart is indicating bullish momentum, while the RSI is above the 50 level.
Major support levels for UNI/USD are at $6.00, $5.85, and $5.50, with major resistance levels at $6.20, $6.35, and $7.00.
Hot Take: UNI Shows Bullish Signs as It Aims Higher
UNI is displaying bullish signs as it starts a fresh increase from the support zone. The price has surpassed key resistance levels and is trading above the moving average.
If UNI manages to clear the immediate resistance level and break through the next significant resistance at $6.35, it could lead to further gains in the near term.
However, if the price fails to climb above these resistance levels, it may experience a downside correction with key support levels to watch out for.
Overall, UNI’s performance suggests that it has potential for further upward movement in the coming days.
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