Charted: Why Uniswap’s UNI Could Surge Above $35 and $40
Uniswap’s UNI is showing positive signs above $32.00 against the US Dollar. The price is likely to clear the $35.00 resistance and it could even rally towards the $40.00 level.
- UNI is very stable above the $27.50 and $30.00 support levels against the US dollar.
- The price is trading nicely above $32.00 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $32.50 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 $35.00 and $35.50 resistance levels in the near term.
Uniswap’s UNI Approaching Key Breakout
After a sharp downside correction towards the $27.50 support, UNI started a fresh increase. The last swing low was near $29.44 before the bulls pushed the price above the $30.00 resistance.
It broke the $31.00 and $32.00 resistance levels. There was a fresh test of the main $35.00 resistance. A high was formed near $35.13 before there was a minor decline. UNI dipped below the $33.50 level. There was a break below the 50% Fib retracement level of the upward move from the $29.44 low to $35.13 high.
Source: UNIUSD on TradingView.com
It is now trading nicely above $32.00 and the 100 simple moving average (4-hours). The price is also stable above the 61.8% Fib retracement level of the upward move from the $29.44 low to $35.13 high.
Moreover, there is a key bullish trend line forming with support near $32.50 on the 4-hours chart of the UNI/USD pair. On the upside, the price is facing hurdles near $34.00. The main resistance is still near $35.00. A close above the $35.00 level could open the doors for a strong increase towards the $40.00 resistance zone.
If UNI price fails to climb above $34.00 or $35.00, it could correct lower. The first major support is near the $32.80 and $32.50 levels.
The main support is now forming near the $32.00 zone and the trend line. A downside break below the $32.00 support might open the doors for a push towards the $27.50 support. Any more losses may possibly lead the price towards the $27.50 zone.
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 50 level.
Major Support Levels – $32.50, $32.00 and $30.00.
Major Resistance Levels – $34.00, $35.00 and $40.00.