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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Charted: Uniswap’s UNI Remains Elevated, Why Uptrend Isn’t Over Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Uniswap’s UNI climbed over 10% and it even spiked above $20.00 against the US Dollar. A new all-time high is formed near $20.78 and the price is currently correcting lower.

  • UNI gained pace above the $18.00 and $18.80 resistance levels against the US dollar.
  • The price is currently correcting gains from well above $20.00, but it is above the 100 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $18.80 on the 4-hours chart of the UNI/USD pair (data source from Kraken).
  • The pair could correct lower, but the bulls are likely to protect the $18.80 and $18.50 levels.

Uniswap’s UNI Breaks $20

After a successful close above the $15.00 resistance, UNI extended its rise. It outperformed bitcoin and Ethereum, with a strong upward move above the $16.50 level.

The price even cleared the $18.00 resistance and settled well above the 100 simple moving average (4-hours). Finally, the price spiked above the $20.00 level and traded to a new all-time high at $20.78. It is currently correcting lower and trading below $20.00.

There was a break below the 23.6% Fib retracement level of the upward move from the $16.73 swing low to $20.78 high. On the downside, there is a strong support forming near the $18.80 level.

Uniswap’s UNI

Source: UNIUSD on TradingView.com

There is also a crucial bullish trend line forming with support near $18.80 on the 4-hours chart of the UNI/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $16.73 swing low to $20.78 high.

On the upside, the $20.00 level is a strong resistance. If UNI price settles above the $20.00 level, it could surpass the $20.80 and $21.00 levels. In the stated case, it could even rise towards the $22.00 level.

Dips Supported?

If UNI price fails to settle above the $20.00 zone, it could correct substantially. The first major support is near the $18.80 level and the trend line.

A downside break below the trend line support might open the doors for a push towards the $17.50 support. Any more losses may possibly lead the price towards the $15.80 zone (the last breakout zone).

Technical Indicators

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.

Major Support Levels – $18.80, $18.50 and $17.50.

Major Resistance Levels – $20.00, $20.80 and $22.00.

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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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Reason to trust

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