Charted: Uniswap’s UNI Remains Elevated, Why Uptrend Isn’t Over Yet
Uniswap’s UNI climbed over 10% and it even spiked above $20.00 against the US Dollar. A new all-time high is formed near $20.78 and the price is currently correcting lower.
- UNI gained pace above the $18.00 and $18.80 resistance levels against the US dollar.
- The price is currently correcting gains from well above $20.00, but it is above the 100 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $18.80 on the 4-hours chart of the UNI/USD pair (data source from Kraken).
- The pair could correct lower, but the bulls are likely to protect the $18.80 and $18.50 levels.
Uniswap’s UNI Breaks $20
After a successful close above the $15.00 resistance, UNI extended its rise. It outperformed bitcoin and Ethereum, with a strong upward move above the $16.50 level.
The price even cleared the $18.00 resistance and settled well above the 100 simple moving average (4-hours). Finally, the price spiked above the $20.00 level and traded to a new all-time high at $20.78. It is currently correcting lower and trading below $20.00.
There was a break below the 23.6% Fib retracement level of the upward move from the $16.73 swing low to $20.78 high. On the downside, there is a strong support forming near the $18.80 level.
Source: UNIUSD on TradingView.com
There is also a crucial bullish trend line forming with support near $18.80 on the 4-hours chart of the UNI/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $16.73 swing low to $20.78 high.
On the upside, the $20.00 level is a strong resistance. If UNI price settles above the $20.00 level, it could surpass the $20.80 and $21.00 levels. In the stated case, it could even rise towards the $22.00 level.
Dips Supported?
If UNI price fails to settle above the $20.00 zone, it could correct substantially. The first major support is near the $18.80 level and the trend line.
A downside break below the trend line support might open the doors for a push towards the $17.50 support. Any more losses may possibly lead the price towards the $15.80 zone (the last breakout zone).
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 – $18.80, $18.50 and $17.50.
Major Resistance Levels – $20.00, $20.80 and $22.00.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
