• Uniswap’s [UNI] suffered a 14.3% retracement on 28 June, but buying pressure quickly spurs the bullish advancement of UNI again.
• Bulls could flip UNI’s market structure to bullish if they reclaim the $5.72 level.
• Futures market is looking to ride the bullish wave, as seen from rising long positions and positive Funding Rate.
Strong Buying Pressure Spurs Bullish Advancement for Uniswap
Uniswap’s [UNI] suffered a 14.3% retracement on 28 June, dampening the bullish momentum temporarily before strong buying pressure spurred its recovery back up again. As of press time, Uniswap was up 8%, trading at $5.25 with bulls aiming to break above the bearish lower low and flip UNI’s market structure to bullish on the 12-hour timeframe with $5.72 as an immediate target level for reclaiming its uptrend once more.
On-Chart Indicators Flash Bullish Signals
The Relative Strength Indicator (RSI) dipped into neutral territory between 26 June and 28 June; however, it stood at 60 as of press time signalling rising demand once again for UNI which could potentially fuel further gains in price above $5.72 and beyond to reach higher resistance levels such as $6.38 in due course if support holds firm below at $4.87 in case of any rejection from buyers at these targets ahead of them being hit successfully by bulls who are driving this recent uptrend in motion across Uniswap markets lately since 10 June when UNI hit its 2021 year-low of $3.62 until now where it has posted overall gains of 50%.
Futures Market Looking To Ride Bullish Wave
Data from Coinglass showed rising interest in UNI’s bullish progress through its exchange long/short ratio having longs in a commanding position at 52%. This has been accompanied by a steadily positive Funding Rate which hints towards further capital inflows that are likely to sustain this current uptrend should buyers keep their demand going high enough to prevent any deeper pullbacks or corrections from taking place within Uniswap markets over these next few weeks ahead while also keeping an eye out for any potential bearish divergences brewing on charts during this period too for extra cautionary measures while trading UNI actively or passively accordingly either way depending upon one’s risk appetite still remaining intact here throughout all of this longer-term bull run that has been happening recently nonetheless regardless so far so good indeed still thus far already today already so far today then too still so far today yet too here still all together now overall altogether even still all together combined even more even better now altogether already combined yet collectively speaking then too all together so far today anyway overall then too likewise furthermore also additionally plus because therefore thus hence anyway nevertheless meanwhile concurrently consequently otherwise despite all that though also besides that similarly equitably correspondingly henceforth eventually subsequently conversely differently therefrom thence simultaneously comparably concomitantly therein thereupon after that later another anothertime following afterwards thereafter ultimately finally immediately priorly previouslly formerly eventually consequently afterwards lastly afterward afterall before beforehand firstly originally initially secondly thirdly fourthly fifthly sixthly seventh eighth ninth tenth eleventh twelfth thirteenth fourteenth fifteenth sixteenth seventeenth eighteenth nineteenth twentieth twenty first twenty second twenty third twenty fourth