Uniswap (UNI) Price Rallies 20%, Why Rally Could Gather Pace T0 $12

Key Takeaways:

  • UNI price started a fresh increase from the $3.32 support zone.
  • It broke a major bearish trend line with resistance at $4.10 on the daily chart.
  • The bulls seem to be aiming a test of the $10 resistance or even $12.
Uniswap (UNI) Price Rallies 20%
Uniswap (UNI) Price Rallies 20% | Image Source Uniswap

Uniswap’s UNI rallied over 20% in a day and surpassed $8. The price could rally further if there is close above the $9 resistance.

Uniswap (UNI) Price Gains Bullish Momentum

Earlier this month, UNI started a fresh decline from the $12.50 resistance zone against the US Dollar. The price declined heavily below the $10 and $8 support levels. The bears even pushed the price below the $5 level and the 50-day simple moving average (blue).

The price even spiked below the $4 level before the bulls took a stand near the $3.32 zone. A base was formed near $3.35 and the price started a fresh increase (just like Ethereum).

Uniswap’s daily price chart
Uniswap’s daily price chart | Source: UNIUSD on TradingView.com

The price gained pace after it broke the $4 resistance zone. It even broke a major bearish trend line with resistance at $4.10 on the daily chart. It opened the doors for a move above the $6.5 and $7 resistance levels.

The price is now trading above the $8 level and is just above the 50% Fib retracement level of the key decline from the $12.47 swing high to $3.33 low.

On the upside, an immediate resistance is near the $8.50 level. The next major resistance is near the $9 level. It is near the 61.8% Fib retracement level of the key decline from the $12.47 swing high to $3.33 low. A clear wave above the $9 level could increase the chances of a move above $10.

In the stated case, the price could retest the $12 resistance level. The next major resistance is near $12.50, above which the price might rise towards the $14 resistance.

An initial support is near the $7.50 level. The next major support is near $7.00. The main support sits near the $5.50 level and the 50-day simple moving average (blue). A close below $5.5 may perhaps start a strong decline. In the stated case, the price might even dive below the $3.32 support.

Overall, UNI price is showing positive signs above the $8 resistance zone. If the bulls remain in action, the price could rise towards $10 or even $12. Conversely, there might be a downside correction to $7.

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uni, Uniswap (UNI) Price Rallies 20%, Why Rally Could Gather Pace T0 $12

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