UNI Price Shows Strength
UNI has experienced a significant surge after finding support above $4.80. The price surpassed resistance levels at $5.25 and $5.30, outperforming Bitcoin and Ethereum.
On the 4-hour chart of the UNI/USD pair, a key declining channel was broken with resistance near $5.25. This led to a 25% increase in the pair’s value, reaching above $6.20 and forming a new multi-week high at $6.60.
Currently, UNI is correcting lower and approaching the 23.6% Fib retracement level from its upward move. Despite this correction, the price remains above $5.80 and the 100 simple moving average (4 hours).
Potential Support Levels for UNI
If the price fails to climb above $6.40 or $6.60, it may experience further correction. The first major support level is around $6.05, followed by another major support level at $5.70.
The main support level is near $5.55 or the 61.8% Fib retracement level from the low of $4.83 to the high of $6.60. A break below this support could lead to a push towards $5.00.
Technical Indicators
The MACD for UNI/USD on the 4-hour chart is showing a loss of momentum in the bullish zone.
The RSI for UNI/USD on the 4-hour chart remains well above the 50 level.
Hot Take: UNI Holds Strong Amidst Market Surge
UNI has demonstrated impressive strength as it surpasses resistance levels and outperforms other major cryptocurrencies. With a break above a key declining channel, the price of UNI surged over 25% and reached a new multi-week high. Although a correction is currently underway, UNI remains above important support levels and shows potential for further gains. However, if the price fails to surpass certain resistance levels, it may experience further correction. The technical indicators suggest a mixed outlook for UNI’s price movement in the short term.
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