Rally

Uniswap

Bitcoin

Resistance

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. 
<ul> 
 <li>UNI started a fresh increase above the $5.20 and $6.00 resistance levels.</li> 
 <li>The price is trading above $5.80 and the 100 simple moving average (4 hours).</li> 
 <li>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).</li> 
 <li>The pair might correct lower, but the bulls could be active near the $5.60 and $5.55 levels.</li> 
</ul> 
<h2 id="uni-price-regains-strength">UNI Price Regains Strength</h2> 
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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-40k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-pattern-2080/" target="_blank" rel="noopener ">Ethereum</a>. 
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. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562233" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468" alt="UNI Price Prediction " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Uniswap-UNI.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/UNIUSD/" target="_blank" rel="noopener nofollow">UNIUSD on TradingView.com</a> 
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. 
<h2 id="dips-supported-in-uniswap">Dips Supported in Uniswap?</h2> 
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.

UNI Price Prediction – After 25% Rally Uniswap Turned Attractive On Dips

Table of Contents

NewsBTC

Other articles published on Nov 24, 2023

EBA Proposes Stricter Anti-Money Laundering Rules Amid Binance’s DOJ Settlement

Spot Bitcoin ETF Approvals Will Trigger $70 Billion In New Demand For Bitcoin And May Boost Its P...

European Banking Authority proposes overhaul of AML, CFT rules for crypto providers

Cathie Wood’s Ark Invest cuts Bitcoin stake despite CEO’s high hopes

Gold Rush Global Group Pty Ltd Showcases Leadership in Financial Services with Emphasis on Crypto...

Bitfarms Raises $46 Million in Private Placement!

Join our free newsletter for daily crypto updates!