Uniswap Breaks Through Bullish Structure, but Can It Hold Above $5?
Uniswap has been making waves in the crypto market, and its latest move is no exception. The DeFi altcoin broke through a bullish structure on its daily timeframe chart on August 27th, rallying by 6.89% to reach $4.68 from $4.38.
However, this momentum was short-lived as Uniswap faced rejection after moving further north to $4.84, currently trading at $4.57 at the time of writing.
The Open Interest has cooled down slightly, with the funding rate close to neutral levels, but spot demand remains strong. The Spot CVD (Contract Value Differential) has been climbing in recent days, indicating a robust underlying market trend.
Whale accumulation and steady UNI token burns have also contributed to maintaining the scarcity narrative, which is a crucial factor driving Uniswap's price growth.