Uniswap (UNI) has gained 38% in the last 7 days and 21% in the last 24 hours, according to CoinMarketCap. The cryptocurrency broke many hurdles close to $ 10.00 against the US Dollar. Its all-time high is around $ 12.98.
The UNI gained pace above the $ 10.00 and $ 12.00 resistance levels against the US Dollar. The price consolidates gains well above $ 12.00 and the 100 simple moving average (4 hours), according to analyst Aayush Jindal. There was a break above the falling channel with resistance near $ 8.50 on the 4-hour chart of the UNI / USD pair (data source from Kraken). The pair may experience a correction, but the bulls are likely to remain active above $ 10.50 and $ 10.00.
After building a support base above $ 8.00, UNI started a strong rise. Outperformed Bitcoin (BTC) and Ethereum (ETH), gaining over 25% in the last 2-3 sessions. There was a break above the bearish channel with resistance near $ 8.50 on the 4-hour chart of the UNI / USD pair to initiate the increase. The pair broke the $ 10.00 resistance zone and settled nicely above the 100 simple moving average (4 hours).
As a result, there was a strong rally and the price even broke the $ 12.00 resistance. The popular token rose to an all-time high around $ 12.98 and is currently consolidating its earnings. In the event of a decline, initial support is near the $ 11.60 level. The main support is currently forming near the $ 10.00 level (the last breakout zone). More losses could lead the price towards $ 7.50, or the 100 simple moving average (4 hours).
What Levels Are on the Path to Ascension?
If the UNI price remains stable above $ 11.50 and $ 11.00, it could continue to rise. An initial resistance on the upside is near the $ 13.00 level. A successful break above the $ 13.00 resistance zone could clear the way for a push towards the $ 14.50 and $ 15.00 resistance levels in the near term. The next big target for 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.
-Major Resistance Levels: $ 12.95, $ 13.00 and $ 15.00.
