Uniswap Momentum Reignites, there is a 15% Lift-off Possible, according to the UNI Price Prediction

The price of UNI is climbing upward from the support level of $5.65. The price of Uniswap has increased by 5%, and it appears that the bulls may decide to target a new push toward the $8.00 zone.

On the four-hour chart of the UNI/USD pair, there was a break over a critical bearish trend line with resistance at $6.60 (the data for this chart came from Kraken).

UNI initiated a new rise when it had established a support base that was more than $5.65. The bulls were successful in pushing the price of Uniswap over the resistance levels of $6.00 and $6.20, which allowed them to outperform both Bitcoin and Ethereum.

On the four-hour chart of the UNI/USD pair, there was a break above a significant negative trend line that was located above $6.60. This resistance was located near the price. In addition, the couple was able to overcome the $6.75 resistance level. It is currently getting close to the 50% Fibonacci retracement level of the negative move that occurred from the swing high of $8.24 to the low of $5.67 earlier.

Above $6.50 and the 100 SMA (4 hours), UNI is trading. The $6.95 level represents immediate upward resistance. Around $7.250 is the next major resistance. The decline from the $8.24 swing high to the $5.67 low is at the 61.8% Fib retracement level.

Closes over the $7.25 mark may pave the way for more increases in the immediate future. Once prices break through $7.65, the bulls will most likely target the $8.00 level as their next target. The stock may reach $8.25 if UNI continues to make advances.

It is possible that the price of UNI will correct much farther downward if it is unable to get beyond $6.95 or $7.25. Near the $6.60 level, also known as the 100 simple moving average (4 hours), is where the first important support may be found.

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