UNI price has started a novel rally above the resistance at $9.50. Uniswap is showing positive signs and could see more upside above the resistance at $10.00.

• UNI has started a novel rally above the $9.50 resistance zone.
• The price is holding above $9.60 and the 100-hour basic moving average.
• A key bearish trend line is forming on the hourly chart of the UNI/USD pair with resistance near $10.15 (data source from Kraken).
• The pair may look to move higher if there is a clear move above the $10.20 resistance.

UNI price maintains support

After creating a base above the $8.75 level, Uniswap began a novel rally, just like Bitcoin and Ethereum. UNI price gained momentum and moved above the $9.20 and $9.50 resistance levels.

The price even broke through the resistance zone at $10.00. The high was formed at USD 10.32, after which the price began a downward correction. There was a drop below the $10.00 level and a 23.6% Fib retracement level, which represented an upward move from a low of $8.72 to a high of $10.32.

UNI is still trading above $9.50 and the 100-hour basic moving average. Immediate resistance is near the $10.00 level. The next key resistance is near the $10.20 level. A key bearish trend line is also forming on the hourly chart of the UNI/USD pair with resistance near $10.15.

A close above the $10.20 level could open the door to further gains in the near future. The next key resistance could be near $10.65, above which bulls will likely face a test of the $11.50 level. Any further gains could push UNI towards $12.00.

Are drops capped on Uniswap?

If the price of UNI does not rise above $10.00 or $10.20, it may slowly decline. The first major support is located near the $9.50 level or the 50% Fib retracement level in an upward move from a low of $8.72 to a high of $10.32.

The next vital support is near the $9.35 level. A downside break below the support at $9.35 could open the door to a move towards $9.00.

Technical indicators

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

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

Major support levels – $9.50, $9.35 and $9.00.

Major resistance levels – $10.00, $10.20 and $10.65.