UNI Price Breaks Resistance Levels
After finding support above $5.65, UNI has seen a fresh increase in price. The bulls have successfully pushed the price above the resistance levels at $6.00 and $6.20, outperforming other cryptocurrencies like Bitcoin and Ethereum.
In addition, there was a significant break above a bearish trend line with resistance near $6.60 on the 4-hour chart of the UNI/USD pair. The pair has also cleared the $6.75 resistance level and is now approaching the 50% Fibonacci retracement level of the previous downward move.
Furthermore, UNI is currently trading above $6.50 and the 100 simple moving average (4 hours). The immediate resistance lies near $6.95, followed by a key resistance at $7.25.
Potential for Further Gains
If UNI manages to clear the $7.25 resistance level, it could open up more opportunities for gains in the near future. The next major resistance levels to watch out for are around $7.65 and potentially even $8.00 or higher.
Dips Supported by Key Levels
However, if UNI fails to surpass the resistances at $6.95 or $7.25, there might be a correction to lower levels. The first major support lies near $6.60 or the 100 simple moving average (4 hours), followed by support at $6.25.
A break below the $6.25 support level could lead to further downside towards $6.00.
Technical Indicators
The MACD for UNI/USD on the 4-hour chart is showing bullish momentum, while the RSI (Relative Strength Index) is comfortably above the 50 level.
Major support levels are at $6.60, $6.25, and $6.00, while major resistance levels are at $6.95, $7.25, and $8.00.
Hot Take: UNI Price on the Rise
UNI has experienced a significant increase in price, breaking through key resistance levels and showing bullish signs. With continued momentum and a potential close above the $7.25 resistance level, UNI could see further gains in the near term. However, if it fails to surpass the resistances and corrects lower, there is support at key levels that could prevent a significant drop in price.
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