Uniswap Sweeps Short Liquidations Near $5
Uniswap's price has been on an upward trend in recent days, breaking through resistance levels and making gains. On August 27th, its value surged by 6.89% from $4.38 to $4.68 before facing a rejection at $4.84.
The altcoin's Open Interest has cooled down slightly, with the funding rate nearing neutral levels. However, Spot CVD has climbed in recent days, indicating strong spot demand behind the price gains.
A bullish structure is in effect for Uniswap, which formed after a lower high at $4.17 was surpassed and a wave of selling sent its price to a low of $2.31 by early June.
With whale accumulation and steady token burns maintaining scarcity, the question remains whether spot demand and bullish narratives can sustain the uptrend. Traders are calling for a 'buy the pullback' strategy as Uniswap approaches the $5 level.