Before the bulls pushed prices up to the resistance level of $29.44, the last swing low was close to $30.
It broke through the resistance levels of $31 and $32. Testing the major resistance level of $35. It formed a high near $35.13, then dropped slightly.
UNI fell below the $33.50 level. It broke the 50% Fib retracement level of the uptrend from $29.44 to $35.13.
Currently, its trading price is above $32 and the 100-period simple moving average (4 hours). The price is also holding above the 35.13% Fib retracement level from $61.8 to $29.44.
Additionally, there is a key bullish trend line forming on the 32.50-hour chart of the UNI/USD currency pair, with support near $4. On the positive side, the price faces resistance near $34. The main resistance level is near $35. Closing above $35 could open the door to a significant rise to the $40 resistance zone.
If the UNI price fails to rise above $34 or $35, a pullback may occur. The first major support level is near $32.8 and $32.5.
Currently, the main support level is forming near the $32 region and the trendline. Breaking below the $32 support level could trigger a drop to the $27.5 support level. More potential losses could push the price towards the $27.5 support area.
