Uniswap (UNI) Price Hits $12 After Breaking Descending Resistance, More Upside Ahead
UNI price facing resistance at $12 but if its in a new bullish phase, the rise should continue.
Key Takeaways
- UNI broke above $8, confirming the end of its correction.
- Key resistance levels are $12.06 and $13.99, limiting immediate upside.
- Overbought RSI suggests a potential consolidation before further gains.
Uniswap (UNI) has demonstrated strong bullish momentum after a prolonged correction, breaking above critical resistance levels and signaling the continuation of its upward trend.
The price surged from its August low of $5 to $12, with Fibonacci levels and the Relative Strength Index (RSI) indicating further potential upside and the possibility of short-term consolidation.
UNI Price Analysis
The daily Uniswap (UNI) chart highlights a bullish breakout from a prolonged corrective structure. The price bottomed at $5 in August, which was most likely the end of a WXY correction from its yearly high of $17 in March.
It broke above the key $8 resistance level, continuing its upward trajectory to $12, where it encountered horizontal resistance at the 0.382 Fibonacci level. The rise from Aug. 5 could be its lower-degree five-wave impulse with more upside room before completion.
The Relative Strength Index (RSI) reflects bullish momentum but is approaching overbought levels, suggesting a possible near-term consolidation or pullback.
The price’s recovery above the 0.5 Fibonacci retracement at $10.51 signals robust upward momentum and paves the way for further extensions toward higher Fibonacci levels.
Key Observations:
Major Breakout: UNI broke above $8, confirming the end of its corrective wave structure and resuming a bullish trend.
Fibonacci Resistance Levels: The price faces resistance at $12.06 (0.382 Fib level) and $13.99 (0.236 Fib level).
Overbought RSI: While bullish, the RSI suggests the potential for a short-term cooldown before further upward movement.
UNI’s ability to sustain above $10.50 will be critical for maintaining the bullish trajectory. A breakout above $12.06 would confirm upward momentum, targeting $13.99 and potentially extending toward $17 in the long term. Conversely, failure to hold above $10.50 could result in a pullback toward $8 for support retest.
UNI Price Prediction
Analyzing the wave structure behind its last rise from the Nov. 4 low of $6.70, the price is likely developing its third sub-wave of the lower degree five-wave impulse. It should proceed further, completing wave (iii) of the higher-degree structure to a high of $14.
The price has faced resistance and is now showing some signs of weakness, hinting that it could instead enter forming its wave (iv).
However, as long as the price holds above $10.51, the bullish trend remains intact, setting the stage for a wave (v) continuation toward higher targets.
Key Levels to Watch:
Support Levels:
- $10.51 (0.5 Fibonacci retracement): Immediate wave (iv) correction support level.
- $8.96 (0.618 Fibonacci retracement): Key support aligning with prior breakout levels.
- $7.65: Significant support zone and base for the current wave structure.
Resistance Levels:
- $12.06 (0.382 Fibonacci retracement): Immediate resistance; a breakout confirms wave (v) progression.
- $13.99 (0.236 Fibonacci retracement): Mid-term target, aligning with higher Fibonacci levels.
- $17.09 (wave (v) target): Long-term resistance and potential peak for the current impulsive structure.
UNI’s ability to sustain above $10.51 will confirm the continuation of its bullish trend. A breakout above $12.06 would validate wave (v), targeting $13.99 and potentially $17.09 in the coming sessions.
Conversely, failure to hold above $10.51 could result in a deeper retracement toward $8.96 or lower before the uptrend resumes.
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