Uniswap’s UNI rose over 25%, breaking many hurdles near $ 10.00 against the US dollar. A new all-time high is being formed near $ 12.98 and the dips appear to remain attractive in the short term.
- UNI gained pace above the $ 10.00 and $ 12.00 resistance levels against the US dollar.
- The price consolidates profits well above $ 12.00 and the simple moving average of 100 (4 hours).
- The UNI / USD pair (data source from Kraken) broke above a bearish channel with resistance near $ 8.50 on the 4-hour chart.
- The pair could correct lower but the bulls likely remain active above $ 10.50 and $ 10.00.
Polkadots UNI rallies 25%
After establishing a support base of $ 8,000, UNI started a steep climb. It outperformed Bitcoin and Ethereum, posting gains of over 25% in the last 2-3 sessions.
At the beginning of the spike, the UNI / USD pair’s 4-hour chart paused over a bearish channel with resistance near $ 8.50. The pair broke the USD 10.00 resistance zone and was well above the 4 hour simple moving average of 100.
As a result, there was a strong rally and the price even broke the USD 12.00 resistance. It was trading at a new all-time high near $ 12.98 and is currently consolidating gains. Initial support is near the USD 11.60 level. It is close to the 23.6% Fib retracement level of the move up from the $ 7.00 low to the $ 12.98 high.
Source: UNIUSD on TradingView.com
The main support is now forming near the USD 10.00 level (the most recent breakout zone). The 50% fib retracement level of the uptrend from the low of $ 7.00 to the high of $ 12.98 is also close to the $ 10.00 level. Further losses could push the price towards the 100 (4 hour) simple moving average at $ 7.50.
Additional advantages?
If UNI price stays stable above $ 11.50 and $ 11.00, it could continue to rise. Initial resistance to the upside is near the $ 13.00 level.
A successful break above the USD 13.00 resistance zone could potentially pave the way for near-term pressure on the USD 14.50 and USD 15.00 resistance levels. The next big target for the bulls could be $ 20.00.
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 50 level.
Major Support Levels – $ 11.60, $ 11.00, and $ 10.00.
Main Resistance Levels – $ 12.95, $ 13.00, and $ 15.00.
