UNI price climbed above $7.50.
The price is up over 20%, holding gains, and might soon aim for a move above the $10.00 resistance.
Uniswap’s UNI Price Gains Traction
After forming a base above the $4.50 level, UNI price started a fresh increase against the US Dollar. The price was able to surpass the $6.00 and $7.00 levels. The bulls even pushed the price above the $7.50 level.
There was a clear move above a key contracting triangle with resistance at $6.85 on the daily chart. The price gained over 20% in a day and settled well above the 50-day simple moving average (blue), beating Ethereum and Bitcoin.
UNI price is now consolidating gains above the $8.00 level. A high was formed at $8.658, but the current price action suggests that the price could continue to move up. On the upside, the price is facing resistance near the $8.50 zone. The next major resistance could be near the $8.80 level.
The main resistance could be $9.20. A clear move above the $9.20 resistance level might start another rally. In the stated case, the price might test $10.00. Any more gains might send the price towards the $12.00 level.
Downside Correction In UNI?
If UNI price fails to start a fresh increase above the $8.80 level, it could start a downside correction. Immediate support on the downside is near the $8.00 level and the 23.6% Fib retracement level of the upward move from the $5.789 swing low to the $8.658 high.
The first major support is near the $7.20 zone. The next major support is near the $6.80 zone and the same triangle. It is close to the 61.8% Fib retracement level of the upward move from the $5.789 swing low to the $8.658 high.
Any more losses could open the doors for a move toward the $5.80 support zone and the 50-day simple moving average (blue), where the bulls might emerge.
Overall, UNI price is showing positive signs above the $8.00 pivot level and the 50-day simple moving average (blue). If the bulls gain strength, they might be able to pump the price above $9.00 to start a strong rally. Conversely, the current wave might fade and the price could move back to $6.80 in the coming days.