Uniswap’s UNI Enters Top 10, Why It Could Soon Test $42

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Uniswap’s UNI rose over 10% and even broke the $ 34.00 resistance against the US dollar. A new all-time high is being formed near $ 34.60 and the price should continue to rise.

  • UNI gained pace above the $ 30.00 and $ 32.00 resistance levels against the US dollar.
  • The price is trading well above $ 34.00 and the simple moving average of 100 (4 hours).
  • The UNI / USD pair (data source from Kraken) broke above a major bearish trendline at USD 28.00 on the 4-hour chart.
  • The pair is likely to continue rising towards the $ 36.50 and $ 40.00 levels in the short term.

Uniswaps UNI breaks $ 34

After a sharp downward correction well above USD 30.00, UNI found support near the USD 20.00 level. It traded as low as $ 18.68 and has recently started a new spike. It broke many hurdles near $ 25.00 to enter a positive zone.

There was a significant break above the USD 28.00 resistance and the simple moving average of 100 (4 hours). The UNI / USD pair’s 4-hour chart also broke above a major bearish trendline at USD 28.00. The bulls pushed the price even above the USD 32.00 resistance.

Source: UNIUSD on TradingView.com

A new all-time high is being formed near $ 34.50 and it appears that the price could continue to rise. Immediate resistance is near the $ 36.50 level. It is close to the 1,236 fib retracement level of the downward move from the high of $ 33.17 to the low of $ 18.68.

The next key resistance is near the $ 40.00 level. The next big stop for the bulls could be $ 42.00. It is near the 1.618 fib retracement level of the downward move from the high of $ 33.17 to the low of $ 18.68.

Dips supported?

If UNI price does not settle above the USD 35.00 zone, it could correct lower. The first major support is near the $ 32.50 and $ 32.00 levels.

The main support is now forming near the $ 30.00 zone. A bearish pause below the USD 30.00 support could open the doors for a push towards the USD 27.50 support. Further losses could potentially drive the price towards the $ 25.00 zone.

Technical indicators

4 Hour MACD – The MACD for UNI / USD is gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for UNI / USD is well above the 70 level.

Major Support Levels – $ 32.50, $ 30.00, and $ 27.50.

Main Resistance Levels – $ 35.00, $ 36.50, and $ 40.00.