UNI Exploded Above $12 But Dips Still Remain Attractive

UNI exploded above $12, surging 25%, and even broke many hurdles near the $10 level against the US dollar. The new all-time high is formed near $12.98 and the dips are attractive in the near-term still so let’s look into it some more in today’s altcoin news.

The UNI price gained pace above the $10 and $12 resistance levels against the US dollar with the price consolidating the gains well above $12.00 and 100 simple moving average. There was a break above the declining channel with the resistance nearing the $8.550 level on the 4-hour charts of the UNI/USD pair. The pair could correct lower but the bulls are remaining active above $10.50 and $10 as well.

After forming a support base of $8000, UNI started a strong increase and outperformed BTC and ETH to register gains over 25% in the past sessions. To start the increase, there was a break above the declining channel with the resistance close to the $8.50 level on the 4-hour charts of the pair. The pair broke the $10 resistance zone and settled nicely above the 100 simple moving average. As a result, there was a strong rally and the price broke the $12 resistance as it traded to a new all-time high of $12.98 while consolidating the gains as well. The initial support is near the $11.60 level and it is close to the 23.6% fib retracement from the upwards move at $7 low to $12.98 high.

The main support is forming at the $10 level with the 50% fib retracement level of the upward move from $7 low to $12.98 high being near the $10.00 level. if more losses occur, it could lead the price towards the 100 simple moving average. If the UNI price remains stable above $11 it could continue rising with an initial resistance on the upside nearing the $13.00 level. As UNI exploded above $12, another successful break above the $13.00 resistance could clear the path for a new move above $14.50.

The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI for the pair is well above the 50 level. As reported previously, Bitcoin’s bloody weekend continued with the dramatic price drop as the primary cryptocurrency dropped below $35,000 for the second time in 3 days. Remarkable gains for ADA were made and another one for Polkadot as altcoins are on the rise with Bitcoin’s dominance crashing to 66%. A few days after the Monday crash when BTC bottomed to about $30K, the cryptocurrency managed to recover most of the losses and tried to hit the $40,000 price level again.