Charted: Uniswap’s UNI Sets New ATH At $45, Why It Could Extend Gains
Uniswap’s UNI gained momentum and traded to a new all-time high near $45.00 against the US Dollar. The price is likely to continue higher above $45.50 and $46.00 in the near term.
- UNI started a fresh increase after forming a base above the $40.00 level against the US dollar.
- The price is trading nicely above $42.00 and the 100 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $40.00 on the 4-hours chart of the UNI/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $45.00 and $45.50 resistance levels in the near term.
Uniswap’s UNI Gains Traction
After forming a support base above $40.00, UNI started a fresh increase. The last swing low was near $39.30 before the bulls pushed the price above the $42.00 resistance.
There was a break above a major contracting triangle with resistance near $40.00 on the 4-hours chart of the UNI/USD pair. The pair broke the $43.00 and $44.00 resistance levels. A new all-time high is formed near $45.05, with a bullish angle, unlike bitcoin and just like ethereum.
The price is now trading nicely above $42.00 and the 100 simple moving average (4-hours). An immediate support is near the $43.70 level. It is close to the 23.6% Fib retracement level of the upward move from the $39.30 low to $45.05 high.
Source: UNIUSD on TradingView.com
On the upside, the price is facing hurdles near $45.00. A close above the $45.00 level could open the doors for a more gains in the near term. The next key resistance could be near $46.50, above which the bulls are likely to aim a test of the $50.00 level.
Dips Supported?
If UNI price fails to climb above $45.00 or $45.50, it could correct lower. The first major support is near the $43.70 and $43.50 levels.
The main support is now forming near the $42.00 zone. It is near the 50% Fib retracement level of the upward move from the $39.30 low to $45.05 high. A downside break below the $42.00 support might open the doors for a push towards the key $40.00.
Technical Indicators
4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 60 level.
Major Support Levels – $43.50, $42.00 and $40.00.
Major Resistance Levels – $45.00, $46.50 and $50.00.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
