Uniswap Cryptocurrency Surges, Overcoming $10.50 Resistance with Potential for Further Increase

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The digital currency landscape is constantly evolving, and one keen instance of this dynamism is evident in the recent performance of Uniswap (UNI). The cryptocurrency has experienced a prominent surge beyond the $10.50 resistance, displaying an encouragingly positive trajectory. The upward trend suggests potential gains that could even exceed the $12.00 resistance.

Uniswap has embarked on an exciting journey, taking off from the $10.50 resistance zone. Currently, the cryptocurrency is trading above the $11.20 mark, demonstrating a positive stride over the 100-hourly simple moving average. A significant development has come in the form of a breach above a crucial bearish trendline with resistance hovering near $10.35. This key shift occurred on the hourly chart of the UNI/USD pair. It is plausible that there could be an adjustment in gains, however, it does seem the bull market might be aiming for additional climbs above the $12.00 mark in the near future.

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After establishing a solid base above the $9.20 level, Uniswap entered an upward trajectory quite akin to those of Bitcoin and Ethereum. The UNI price picked up pace, surpassing the $9.80 and $10.00 resistance levels. More than just breaking the bearish trend line near $10.35 on the UNI/USD hourly chart, the bulls have succeeded in driving the price above resistance levels of $10.50 and $11.50. Notably, resistance was encountered near the $12.00 zone.

The UNI price reached a peak close to $11.795 and is now steady, keeping its gains near the 23.6% Fibonacci retracement level of the upward move from the $9.28 low to the $11.95 high. Uniswap, presently trading above $11.20 and the 100-hourly simple moving average, faces immediate resistance around the $11.55 level. The next considerable resistance is near the $12.00 level. A closure beyond this point could pave the way for further increase.

Bulls may aim for a higher target of $12.50, should the resistance at $12.20 be broken. Any additional gains may possibly propel UNI towards the $13.50 level. However, if the price fails to exceed $11.95 or $12.00, Uniswap could potentially witness a downside correction. The first significant support is located near the $11.00 level.

The most substantial support comes close to $10.60, at the 50% Fibonacci retracement level, traced from the upward flux identified between the $9.28 nadir to the $11.95 acme. If the price breaks below the support at $10.60, it could potentially trigger a plunge towards the $10.20 threshold.

A testament to the bullish state of affairs is the Hourly MACD for UNI/USD, currently gaining momentum. Complementing this, the Hourly RSI (Relative Strength Index) for UNI/USD has also crossed the crucial mark of 50. These supportive technical indicators consolidate the premise of an expected upward swing, setting major support levels at $11.00, $10.60, and $10.20, while resistance levels stand at $11.55, $12.00, and $12.20.

In the riveting world of cryptocurrency, this fresh increase in the value of Uniswap is an exciting development for investors and the market alike. Uniswap’s promising jump over resistance levels indicates a fresh wave of potential economic opportunities on the horizon, making it one to watch in the digital currency sphere.