Uniswap Price Faces Crucial Test at $7.50-$7.80 Resistance Zone
Uniswap's price is maintaining its upward momentum, hovering above $6 after a strong recovery. However, it faces a crucial resistance zone between $7.50 and $7.80.
The token has been trading within a rising trendline since mid-August, with higher lows indicating active buying pressure. A daily close above the $7.50 to $7.80 range could solidify the bullish case and pave the way for higher targets.
Derivatives data show mixed signals, with aggregated open interest at around $324 million and a positive funding rate of 0.0045%. Market participation and leveraged positioning remain elevated, but not high enough to indicate an overcrowded trade.
The warning signs come from CVD, as spot CVD remains negative at around -$7.3 million, while futures have fallen to -$325.8 million. This suggests that aggressive futures buying has not driven the latest recovery.