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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Uniswap Price (UNI) Pumps 20%: Is This the Start of a Major Rally?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Uniswap Price (UNI) Pumps 20%

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UNI price started a major increase above the $10.50 resistance. Uniswap is showing positive signs and might eye more upsides above the $12.00 resistance.

  • UNI started a fresh increase above the $10.50 resistance zone.
  • The price is trading above $11.20 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $10.35 on the hourly chart of the UNI/USD pair (data source from Kraken).
  • The pair might correct gains, but the bulls might eye more upsides above $12.00 in the near term.

UNI Price Regains Traction

After forming a base above the $9.20 level, Uniswap started a fresh increase like Bitcoin and Ethereum. UNI price gained pace for a move above the $9.80 and $10.00 resistance levels.

There was a break above a key bearish trend line with resistance near $10.35 on the hourly chart of the UNI/USD pair. The bulls even pushed the price above the $10.50 and $11.50 resistance levels. Finally, the bears appeared near the $12.00 zone.

A high was formed near $11.795 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $9.28 swing low to the $11.95 high.

UNI is now trading above $11.20 and the 100-hourly simple moving average. Immediate resistance is near the $11.55 level. The next key resistance is near the $12.00 level. A close above the $12.00 level could open the doors for more gains in the near term.

Uniswap Price (UNI)
Source: UNIUSD on TradingView.com

The next key resistance could be near $12.20, above which the bulls are likely to aim a test of the $12.50 level. Any more gains might send UNI toward $13.50.

Are Dips Supported In Uniswap?

If UNI price fails to climb above $11.95 or $12.00, it could start a downside correction. The first major support is near the $11.00 level.

The next major support is near the $10.60 level or the 50% Fib retracement level of the upward move from the $9.28 swing low to the $11.95 high. A downside break below the $10.60 support might open the doors for a push toward $10.20.

Technical Indicators

Hourly MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.

Major Support Levels – $11.00, $10.60, and $10.20.

Major Resistance Levels – $11.55, $12.00, and $12.20.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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