Credit: Original article published by newsbtc.

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.

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.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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