UNI price is moving higher from the $6.00 support. Uniswap is up 5% and it could rally if there is a clear move above the $6.35 resistance zone.
- UNI started a fresh increase from the $5.50 support zone.
- The price is trading above $6.00 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $6.20 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
- The pair is showing bullish signs and might rally if it clears the $6.35 resistance.
UNI Price Aims Higher
After forming a support base above $5.65, UNI started a fresh increase. There was a decent upward move in Uniswap above the $6.00 and $6.20 resistance levels.
However, the bears were active near the $6.35 zone. A high was formed at $6.33 before there was a downside correction. The price declined below the $6.20 level. There was a move below the 23.6% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high.
It tested the $6.00 support and the 50% Fib retracement level of the upward move from the $5.53 swing low to the $6.33 high. Uniswap is rising again above the $6.10 level, outperforming Bitcoin and Ethereum.
UNI price is trading above $6.00 and the 100 simple moving average (4 hours). Immediate resistance on the upside is near the $6.20 level. There is also a key bearish trend line forming with resistance near $6.20 on the 4-hour chart of the UNI/USD pair.
Source: UNIUSD on TradingView.com
The next key resistance is near the $6.35 level. A close above the $6.35 level could open the doors for more gains in the near term. The next key resistance could be near $7.00, above which the bulls are likely to aim a test of the $7.20 level. Any more gains might send UNI toward $7.50.
Dips Supported in Uniswap?
If UNI price fails to climb above $6.20 or $6.35, it could start another downside correction. The first major support is near the $6.00 level.
The next major support is near the $5.85 level. A downside break below the $5.85 support might open the doors for a push toward $5.50.
Technical Indicators
4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.
Major Support Levels – $6.00, $5.85 and $5.50.
Major Resistance Levels – $6.20, $6.35 and $7.00.
