- Uniswap jumps to 12-week high on bullish triangle breakout, key resistance still holds.
- Sustained trading beyond key SMAs and upbeat oscillators keep UNI buyers hopeful.
- UNI/USD tests 11-week channel resistance for further run-up.
Uniswap (UNI/USD) surged to its highest level since early March before pulling back to $7.09 during Thursday’s European session.
In doing so, the UNI/USD pair defended the previous day’s bullish breakout from a two-week-old symmetrical triangle and stayed above key Simple Moving Averages (SMA).
The UNI’s upside momentum is also confirmed by positive signals from both the 14-day Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator.
However, the upper boundary of an upward-sloping trend channel from March 8 currently limits the Ethereum-backed Token’s further gains.
UNI/USD: Daily chart signals obstacles for bulls
Source: Tradingview
Despite pulling back from a recent high, Uniswap (UNI) price has kept a steady bullish trend since early March, moving within an upward trend channel.
The price stays above the 50-day Simple Moving Average (SMA), while the Relative Strength Index (RSI) is above 50 but below the overbought 70, showing buyers still hold control.
The MACD is also strengthening in the positive zone, indicating that while the trend is positive overall, UNI bulls are gearing up to challenge key resistance.
It’s important to note that the UNI/USD pair bulls need a daily close above the top of the channel, near $7.70, to stay in control.
After that, UNI buyers may face tests at March’s high of $8.30 and the 200-day SMA around $9.45, before targeting the key $10.00 psychological level.
On the other hand, Uniswap sellers should only step in if the price closes below the 50-day SMA support at $5.80. Even then, further drops of the UNI/USD pair may be limited by the $5.00 level, the channel’s lower boundary near $4.85, and the yearly low from April around $4.55.
UNI/USD: Four-hour chart backs bullish momentum
Source: Tradingview
Although the UNI/USD pair failed to hold above the monthly high and the 61.8% Fibonacci Extension (FE) of the May 7–18 move (log scale), as the RSI has pulled back from overbought territory, the pair still defends its triangle breakout.
As long as it stays above the $6.40 support-turned-resistance level, UNI buyers remain hopeful.
Even if the UNI price falls below $6.40, further downside could be limited by the triangle’s lower boundary near $6.10 and the 200-bar SMA around $6.00. A drop below these may open the door to a deeper decline toward the monthly low of $4.75, as well as the support levels suggested by daily chart.
On the upside, a confirmed break above the $7.70 resistance (which includes the 61.8% FE) could quickly push UNI past the $8.00 round number and toward the next FE targets at $8.20 (78.6%) and $9.05 (100%).
To sum up, UNI/USD remains bullish, with the pair well-positioned for further gains and a potential breakout above $7.70.
