UNI price started a significant rally above the resistance at $10.50. Uniswap is showing positive signs and could see more upside above the resistance at $12.00.

• UNI has started a fresh rally above the $10.50 resistance zone.
• The price is holding above $11.20 and the 100-hour basic moving average.
• On the hourly chart, the UNI/USD pair broke out above a key bearish trend line with resistance near $10.35 (data source Kraken).
• The pair may correct gains, but bulls may see more gains above $12.00 in the near future.

UNI price regains traction

After creating a base above the $9.20 level, Uniswap began a fresh rally, just like Bitcoin and Ethereum. UNI price gained momentum and moved above the $9.80 and $10.00 resistance levels.

On the hourly chart, the UNI/USD pair broke above the key bearish trend line with resistance near $10.35. The bulls even pushed the price above the $10.50 and $11.50 resistance levels. Finally, bears emerged near the $12.00 zone.

The high has formed near $11.795 and the price is currently consolidating gains near the 23.6% Fib retracement level, an upward move from a low of $9.28 to a high of $11.95.

UNI is currently trading above $11.20 and the 100-hour basic moving average. Immediate resistance is near the $11.55 level. The next key resistance is near the $12.00 level. A close above the $12.00 level could open the door to further gains in the near future.

The next key resistance could be near $12.20, above which bulls will likely face a test of the $12.50 level. Any further gains could push UNI towards $13.50.

Are drops supported on Uniswap?

If the price of UNI does not rise above $11.95 or $12.00, it could start a downward correction. The first major support is located near the $11.00 level.

The next major support is located near the $10.60 level or the 50% Fib retracement level in an upward move from a low of $9.28 to a high of $11.95. A downside break below the support at $10.60 could open the door for a push towards $10.20.

Technical indicators

Hourly MACD – MACD for UNI/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for UNI/USD is above the 50 level.

Major support levels – $11.00, $10.60 and $10.20.

Major resistance levels – $11.55, $12.00 and $12.20.