Uniswap has surged over 25%, and it has broken many obstacles near $10.00 against the US Dollar.
A new all-time high is then formed near $12.98, and the drops seem to be attractive in the near term. Polkadot’s UNI Surges at 25%
After creating a support base above $8.00, UNI has started a substantial increase. It has outperformed Bitcoin and Ethereum to register gains of over 25% in the last 2-3 sessions.
There has been a break above a declining channel with resistance near $8.50 on the 4-hour chart of the UNI/USD pair to begin the increase. The pair has broken the $10.00 resistance zone and settled smoothly above the 100 simple moving average (4-hours).
Thus, there has been a strong rally, and the price even broke the $12.00 resistance. It then traded to a new all=time high near $12.98, and it is now consolidating gains. Fundamental support is near the $11.60 level. It is also close to the 23.6% Fib retracement level of the upward move from the $7 swing low to $12.98 high.
The primary support now forms near the $10.00 level – which is the recent breakout zone. The 50% Fib retracement level of the upward move from the $7.00 swing low to $12.98 high is also near the $10 level. More losses could lead the price to the 100 simple moving average at $7.50.
Even More Upsides?
When the UNI price remained stable above $11.50 and $11.00, it might continue to rise. An initial resistance on the upside is reaching the $13.00 level.
A successful break above the $13.00 resistance zone may clear the path for a push towards the $14.50 and $15.00 resistance levels soon. The next primary target for the bulls can be $20.
Some Technical Indicators
4-Hours MACD – The MACD for UNI/USD is increasing momentum in the bullish zone. 4-Hours
RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 50 levels.
Primary Support Levels – $11.60, $11.00, and $10.00.
Major Resistance Levels – $12.95, $13.00 and $15.00.
For up-to-date Cryptocurrency, Blockchain, and Crypto-mining news, please join our Telegram Channel.
No Comment