UNI Price Prediction – After 25% Rally Uniswap Turned Attractive On Dips
24 November 2023 - 3:24PM
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UNI price rallied over 25% and climbed above $6.20. Uniswap is now
consolidating gains and any dips might be attractive to the bulls
in the near term. UNI started a fresh increase above the $5.20 and
$6.00 resistance levels. The price is trading above $5.80 and the
100 simple moving average (4 hours). There was a break above a key
declining channel with resistance near $5.25 on the 4-hour chart of
the UNI/USD pair (data source from Kraken). The pair might correct
lower, but the bulls could be active near the $5.60 and $5.55
levels. UNI Price Regains Strength After forming a support base
above $4.80, UNI started a fresh surge. The bulls were able to push
Uniswap’s price above the $5.25 and $5.30 resistance levels,
outperforming Bitcoin and Ethereum. There was a break above a key
declining channel with resistance near $5.25 on the 4-hour chart of
the UNI/USD pair. The pair pumped over 25% and even climbed above
$6.20. A new multi-week high was formed near $6.60 and the price is
correcting lower. There was a move below the $6.25 level. Uniswap
is now approaching the 23.6% Fib retracement level of the upward
move from the $4.83 low to the $6.60 high. UNI is still trading
above $5.80 and the 100 simple moving average (4 hours). If there
is a fresh increase, the price might face resistance near the $6.40
level. The next key resistance is near the $6.60 level. A close
above the $6.60 level could open the doors for more gains in the
near term. Source: UNIUSD on TradingView.com The next key
resistance could be near $6.88, above which the bulls are likely to
aim a test of the $7.00 level. Any more gains might send UNI toward
$7.20. Dips Supported in Uniswap? If UNI price fails to climb above
$6.40 or $6.60, it could correct further lower. The first major
support is near the $6.05 level. The next major support is near the
$5.70 level. The mains support is near $5.55 or the 61.8% Fib
retracement level of the upward move from the $4.83 low to the
$6.60 high. A downside break below the $5.55 support might open the
doors for a push toward $5.00. 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 – $6.05, $5.70 and $5.55.
Major Resistance Levels – $6.40, $6.60 and $7.00.
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