Uniswap’s UNI climbed more than 10% and even peaked above $ 20.00 against the US dollar. A new all-time high is forming near USD 20.78 and the price is currently correcting lower.
- UNI gained pace above the USD 18.00 and USD 18.80 resistance levels against the US dollar.
- The price is currently correcting gains well above USD 20.00 but is above the simple 100 (4 hours) moving average.
- A crucial bullish trendline is forming with support near USD 18.80 on the UNI / USD pair’s 4 hour chart (data source from Kraken).
- The pair could correct lower, but the bulls are likely to protect the USD 18.80 and USD 18.50 levels.
Uniswap’s UNI is breaking $ 20
The price even cleared the USD 18.00 resistance and settled well above the simple 100 (4-hour) moving average. Finally, the price spiked above the USD 20.00 level and traded towards a new high of USD 20.78. It is currently correcting lower and trading below USD 20.00.
There was a break below the 23.6% Fib retracement level of the upward movement from the $ 16.73 swing low to the $ 20.78 high. On the downside, there is a strong support near the USD 18.80 level.
Source: UNIUSD on TradingView.com
A crucial bullish trendline is also forming with support near $ 18.80 on the 4-hour chart of the UNI / USD pair. The trend line is close to the 50% Fib retracement level of the upward movement from the $ 16.73 swing low to the $ 20.78 high.
On the upside, the USD 20.00 level is a strong resistance. If the UNI price moves above the USD 20.00 level, it could surpass the USD 20.80 and USD 21.00 levels. In the case mentioned, it could even climb towards the USD 22.00 level.
If the UNI price does not go above the $ 20.00 zone, it can be significantly corrected. The first major support is near the USD 18.80 level and the trendline.
A downside break below trendline support could open the door for a push towards the USD 17.50 support. Even more losses could potentially push the price into the $ 15.80 zone (the final breakout zone).
4-Hours MACD – The MACD for UNI / USD is losing momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI / USD is well above the 50 level.
Key Support Levels – USD 18.80, USD 18.50 and USD 17.50.
Major Resistance Levels – USD 20.00, USD 20.80 and USD 22.00.