Lorenzo Stroe
Independent Analyst
- Uniswap price is ready for new all-time highs as it faces weak resistance ahead.
- A key indicator has presented two strong buy signals in favor of UNI.
- Uniswap continues leading the decentralized exchanges industry.
Uniswap has been trading in a robust daily uptrend for months and aims for yet another leg up to new all-time highs. The digital asset faces weak resistance above its current price, and several indicators show it will crack $35 soon.
Uniswap price on the brink of a massive breakout
The TD Sequential indicator has presented a buy signal on the 6-hour and 9-hour charts. Considering there is weak resistance above $31, Uniswap price could quickly climb to its previous all-time high at $34.88.
UNI Buy Signals
The In/Out of the Money Around Price (IOMAP) chart shows practically no barriers on the way up beside the range between $31.93 and $32.33 with 15 million UNI in volume. A breakout above this point should drive Uniswap price towards $35 and up to $43.58 at the 127.2% Fibonacci level.
UNI IOMAP chart
On the other hand, if the bears somehow manage to push Uniswap below a critical support area between $29.2 and $27.3, the digital asset will most likely fall to new lows.
UNI/USD daily chart
The 78.6% Fibonacci level is located at $28, which coincides with the strong support area indicated by the IOMAP chart. The next support level is located all the way down at $22.7 at the 61.8 Fib level.
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