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The bearish dominance of UNI sellers at the $8 resistance level was quickly extinguished by buyers with a 9% pump on the four-hour timeframe taking UNI above the key resistance.
Earlier, UNI bulls had rallied strongly from the $7.1 support level but were curtailed at the $8 resistance. However, the sustained buying pressure reversed the retracement at the resistance level with buyers able to claim the $8 price zone as a new support level.
UNI buyers push to reach $10 price level
The flipping of the $8 price level to support by buyers has provided a base for extending the bullish momentum to the $10 price level.
A quick re-test of the new support level offers a 25% profit target if price gets to the $10 price zone. This would serve as a good entry-level for buyers to ride UNI’s price wave with its earlier price action showing the tendency for the coin to make a series of higher lows, as price trends upwards.
Furthermore, the Relative Strength Index (RSI) maintained an upward trendline channel to reveal a strong bullish momentum. Similarly, the MACD indicator was also bullish with the Moving Average staying above the signal line.
According to Coinmarketcap, Uniswap’s daily trading volume spiked by 93% over the past day and this was reflected in a 10% increase on its overall market cap.
This combination of bullish factors has UNI firmly positioned to hit higher prices in the coming weeks with dips an opportunity for buyers to add long positions.
Technical levels to consider for long positions
- Support Levels: $7.1 and $8
- Resistance Levels: $9 and $9.9
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.