According to May 03 Uniswap analysis; UNI (UNI/USDT) gained momentum and approached its all-time high of $ 45.00 against the US dollar. The price is likely to continue above $ 45.50 and $ 46.00 in the near term. According to the technical analysis of NewsBTC’s Aayush Jindal:
- UNI started a new increase after building a support base above the $ 40.00 level against the US dollar.
- The price is trading well above $ 42.00 and the 100 simple moving average (4 hours).
- There was a break above a major contracting triangle formation with resistance close to $ 40.00 on the 4-hour chart of the UNI/USD pair (based on Kraken data).
- The pair is likely to continue to rise if it clears the $ 45.00 and $ 45.50 resistance levels in the near term.
Uniswap (UNI) Price Accelerates
After building a support base of over $ 40.00, UNI started a new increase. The last decline was around $ 39.30 before the bulls pushed the price above the $ 42.00 resistance.
There was a break on a major contracting triangle formation with resistance around $ 40.00 on the 4-hour chart of the UNI/USD pair. The pair broke the $ 43.00 and $ 44.00 resistance levels. Unlike Bitcoin and as with Ethereum, an all-time high of around $ 45.05 occurred.
The price is currently trading above $ 42.00 and the 100 simple moving average (4 hours). Immediate support is near the $ 43.70 level. This is near the 23.6% Fib retracement level of the upward move from $ 39.30 to $ 45.05.
On the upside, the price is facing hurdles around $ 45.00. A close above the $ 45.00 level could open the doors for more gains in the near term. The next major resistance could be near $ 46.50, and above that the bulls are likely to test a $ 50.00 level.
Will Uniswap (UNI) Fall?
If the UNI price does not go above $ 45.00 or $ 45.50, it could experience a correction. The first major support is near the $ 43.70 and $ 43.50 levels.
Major support is currently forming near the $ 42.00 zone. This is near the 50% Fib retracement level of the upward move from $ 39.30 to $ 45.05. A downside break below the $ 42.00 support could open the doors for a push towards $ 40.00.
- 4-Hour MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.
- 4-Hour RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 60 levels.
- Major Support Levels – $ 43.50, $ 42.00 and $ 40.00
- Major Resistance Levels – $ 45.00, 46.50 and $ 50.00
Note: We shared the Uniswap price analysis on May 03 with you. The information, comments and evaluations contained herein are NOT covered by Investment Consultancy. Keep following the SinceCoin.