Uniswap, the decentralized exchange platform, has been making waves in the cryptocurrency market. The UNI token, which represents the platform's governance and utility, has seen a significant increase in value, breaking through key resistance levels and eyeing further upside potential.

UNI Price Surge

After forming a solid base above the $8.80 level, UNI price embarked on a fresh rally, mirroring the positive momentum seen in Bitcoin and Ethereum. The token gained traction, surpassing the $9.20 and $9.50 resistance levels with ease. A breakout above a bearish trend line on the hourly chart of the UNI/USD pair further fueled the bullish sentiment.

Resistance Levels Tested

The bulls' strength was evident as they pushed the price above the $10.50 and $11.20 resistance levels. However, the bears stepped in near the $11.75 zone, causing a slight pullback. A high was formed near $11.78, and the price is currently consolidating gains near the 23.6% Fib retracement level of the upward move from the $8.70 swing low to the $11.78 high.

Bullish Outlook

UNI is currently trading above $11.00 and the 100-hourly simple moving average, indicating a positive trend. The immediate resistance stands at the $11.50 level, followed by the crucial $11.75 level. A successful break above $11.75 could pave the way for further gains in the near term. The bulls may target the $12.20 level next, and a breach of this resistance could lead to a test of the $12.50 level. If the upward momentum persists, UNI might even reach the $13.50 level.

Potential Dip Support

In case UNI price fails to climb above $11.50 or $11.75, a downside correction might occur. The first major support is near the $11.05 level, followed by the $10.25 level or the 50% Fib retracement level of the upward move from the $8.70 swing low to the $11.78 high. A break below the $10.25 support could open the doors for a push toward the $8.80 level.

Technical Indicators

The hourly MACD for UNI/USD is losing momentum in the bullish zone, suggesting a potential consolidation or correction. The hourly RSI (Relative Strength Index) is near the 50 level, indicating a neutral sentiment.

In conclusion, Uniswap's UNI token has been on a remarkable run, breaking through key resistance levels and showcasing strong bullish potential. While a minor correction might occur, the overall outlook remains positive, with the token eyeing further upside targets in the near future.