Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- Uniswap rose 14% to flip the $5.72 price level into support.
- The dominance of the long/short ratio by buyers emphasized market sentiment.
A recent pricing report highlighted the buying opportunity available for Uniswap [UNI] bulls on the higher time frames. This buying opportunity was maxed out by bulls as UNI flipped the $5.72 resistance level to support.
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Despite Bitcoin [BTC] with a sharp correction falling to $30.3k, overall market sentiment remained upbeat. This could be significant for altcoins like UNI as buyers look to gain more profit in the long run.
The buying pressure collapses the $5.72 resistance
Source: UNI/USDT on trade view
Uniswap experienced an aggressive bullish rebound after hitting the 2023 low of $3.64 on June 10. Since then, UNI has posted a 68.2% gain over a one-month period. This gain has tipped resistance levels at $4.34, $4.87 and $5.21.
Building on this bullish resurgence, UNI claimed another level of resistance over the past 48 hours with a strong bullish close on the 12-hour time frame. While the general market correction limited further gains after the level reversal, the signals pointed to more bullish returns.
The Relative Strength Index (RSI) remained just below the overbought zone, indicating increased buying pressure. Similarly, On Balance Volume (OBV) moved north, increasing demand for Uniswap.
Ambitious UNI buyers can ride the buying wave to $7 from the $5.72 support level. However, a potential point to watch is the minor resistance at the $6.37 price level, as this was an important level for bearish activity in mid-April.
Longs have the upper hand in the futures market
Source: Coinglass
How much are 1.10.100 UNIs worth today?
According to data from Mint glass long/short ratio, UNI longs had a remarkable 52.5% share of open positions. This translated into $25.02 million in long positions, which was $2.42 million more than short positions.
The futures market trend reinforced near-term bullish sentiment, with Uniswap investors prepared to take advantage of a bullish Bitcoin to rise again.