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: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.
