Uniswap Price Surges Over 25% and Breaks Key Resistance Levels

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UNI, the native token of Uniswap, has experienced a significant rally, surging over 25% and surpassing the $6.20 mark. Currently, the price is consolidating its gains, and any potential dips could attract bullish investors in the near future.The upward movement of UNI began after it broke through resistance levels at $5.20 and $6.00. The price is currently trading above $5.80 and the 100 simple moving average on the 4-hour chart. Additionally, a key declining channel was breached with resistance around $5.25, indicating a positive trend for the UNI/USD pair.Although a correction lower is possible, the bulls are expected to remain active around the $5.60 and $5.55 levels. UNI formed a support base above $4.80 before embarking on its surge, outperforming Bitcoin and Ethereum in the process. The price even reached a multi-week high of approximately $6.60 before undergoing a slight correction.Currently, UNI is approaching the 23.6% Fibonacci retracement level of the upward move from the $4.83 low to the $6.60 high, as it nears the $6.25 level. However, it is still trading above $5.80 and the 100 simple moving average, which suggests a positive outlook. If the price continues to rise, it may encounter resistance around $6.40 and $6.60. A close above $6.60 could potentially lead to further gains in the near term.Looking ahead, the next significant resistance level is around $6.88, and a breakthrough could prompt the bulls to test the $7.00 level. If the momentum continues, UNI may even reach $7.20.On the other hand, if the price fails to surpass $6.40 or $6.60, a correction lower is likely. The first major support level is around $6.05, followed by $5.70. The main support level is near $5.55, which represents the 61.8% Fibonacci retracement level. A break below this support level could potentially push the price towards $5.00.In terms of technical indicators, the 4-hour MACD for UNI/USD is showing a loss of momentum in the bullish zone. However, the 4-hour RSI (Relative Strength Index) remains comfortably above the 50 level.To summarize, UNI has experienced a significant rally, surpassing key resistance levels and outperforming other major cryptocurrencies. While a correction lower is possible, the overall outlook remains positive, with support levels in place. The next major resistance levels to watch are $6.40, $6.60, and $7.00.

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