24 November 2023
UNI price rallied over 25% and climbed above $6.20. Uniswap is now consolidating gains and any dips might be attractive to the bulls in the near term.
UNI started a fresh increase above the $5.20 and $6.00 resistance levels.
The price is trading above $5.80 and the 100 simple moving average (4 hours).
There was a break above a key declining channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
The pair might correct lower, but the bulls could be active near the $5.60 and $5.55 levels.
UNI Price Regains Strength
After forming a support base above $4.80, UNI started a fresh surge. The bulls were able to push Uniswap’s price above the $5.25 and $5.30 resistance levels, outperforming Bitcoin and Ethereum.
There was a break above a key declining channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair. The pair pumped over 25% and even climbed above $6.20. A new multi-week high was formed near $6.60 and the price is correcting lower.
There was a move below the $6.25 level. Uniswap is now approaching the 23.6% Fib retracement level of the upward move from the $4.83 low to the $6.60 high.
UNI is still trading above $5.80 and the 100 simple moving average (4 hours). If there is a fresh increase, the price might face resistance near the $6.40 level. The next key resistance is near the $6.60 level. A close above the $6.60 level could open the doors for more gains in the near term.
Source: UNIUSD on TradingView.com
The next key resistance could be near $6.88, above which the bulls are likely to aim a test of the $7.00 level. Any more gains might send UNI toward $7.20.
Dips Supported in Uniswap?
If UNI price fails to climb above $6.40 or $6.60, it could correct further lower. The first major support is near the $6.05 level. The next major support is near the $5.70 level.
The mains support is near $5.55 or the 61.8% Fib retracement level of the upward move from the $4.83 low to the $6.60 high. A downside break below the $5.55 support might open the doors for a push toward $5.00.
Technical Indicators
4-Hours MACD – The MACD for UNI/USD is losing momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 50 level.
Major Support Levels – $6.05, $5.70 and $5.55.
Major Resistance Levels – $6.40, $6.60 and $7.00.