Following the establishment of a support base above $4.80, UNI initiated a renewed upward movement. Bulls successfully propelled the price of Uniswap above resistance levels at $5.25 and $5.30, outperforming both Bitcoin and Ethereum.
On the 4-hour chart of the UNI/USD pair, a significant development occurred with a breakout above a key declining channel, which had a resistance of around $5.25. This propelled the pair by over 25%, surpassing the $6.20 mark and establishing a new multi-week high at approximately $6.60. The current trend involves a corrective decline after a breach below the $6.25 level.
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Date | Price | % Change | Resistance Levels | Support Levels |
---|---|---|---|---|
$5.25, $5.30 | $6.05, $5.70, $5.55 | |||
4-Hour | $6.60 | +25% | Breakout above $5.25 | Fib retracement: 23.6% |
Current | $6.20 | Resistance: $6.40, $6.60 | ||
Next: $6.88, $7.00, $7.20 |
As of now, Uniswap is approaching the 23.6% Fibonacci retracement level of the upward movement from the $4.83 low to the $6.60 high. Despite the correction, UNI remains above $5.80 and the 100 simple moving average (4 hours). In the event of a fresh upswing, the price could encounter resistance around the $6.40 level, with the next significant hurdle at $6.60. A decisive close above $6.60 may pave the way for further gains in the short term.
Looking ahead, the subsequent critical resistance is anticipated at around $6.88, surpassing the bulls may target a test of the $7.00 level. Further upward momentum could propel UNI toward $7.20.
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However, if the UNI price fails to breach levels such as $6.40 or $6.60, a correction lower becomes likely. The initial major support is positioned near $6.05, followed by another substantial support at $5.70. The primary support level is identified around $5.55 or the 61.8% Fibonacci retracement level of the upward movement from the $4.83 low to the $6.60 high. A downside breach below the $5.55 support level could potentially trigger a move toward $5.00.