Uniswap’s UNI exchange rate started a sharp increase above $5.35 against the US dollar. The price could continue to rise above $6.00 and $6.20 in the near term.

After forming support above $5.00, UNI started a fresh increase. The bulls were able to push the price of Uniswap above the $5.25 and $5.30 resistance levels.

UNI also broke above a major contracting triangle with resistance near $5.35 on the 4-hour chart of UNI. The pair accelerated and tested the $6.30 area. A high was formed near $6.291 and the price started a downside correction.

There was a break below the $6.00 level. UNI price tested the 50% Fib retracement level of the upward move from the $5.09 low to $6.291 high.

The price is currently above $5.50 and the 100 simple moving average (4-hours). On the upside, the price is facing hurdles near $6.00 and $6.10. A close above $6.10 could open the doors for further gains in the near term. The next key resistance could be near $6.30, above which the bulls are likely to test the $6.80 level. If there are further gains, UNI could move up to $7.00.

If UNI price fails to climb above $6.00 or $6.20, it could fall further. The first major support is near the $5.70 level. The next major support is near the $5.50 level.

It is close to the 61.8% Fib retracement level of the upward move from the $5.09 low to $6.291 high. A break below the $5.50 support could open the doors for a move higher to the critical $5.10 level.