Uniswap [UNI] Buyers Defend $4.87 Support, Could Rally Ahead!

• Uniswap [UNI] retested the $4.87 support level, providing an opportunity for a bullish rebound.
• The CMF reading of +0.15 indicated capital inflows to the markets, while the RSI climbed out of the oversold zone.
• On-chain metrics and futures market data showed buying pressure on the rise, signaling potential upside for UNI in the short term.

Uniswap [UNI] Rebounds After Retesting Support Level

Uniswap [UNI] recently retested its key $4.87 support level but buyers held firm to provide an opening for a bullish rebound. At press time, the Chaikin Money Flow (CMF) was at +0.15 indicating more capital inflows into the markets while Relative Strength Index (RSI) had climbed out of the oversold zone to signal further upside potential in price action.

On-Chain Metrics Signal Further Upside Potential

On-chain metrics and futures market data showed increasing buying pressure which could possibly lead to significant gains in UNI’s value in upcoming sessions. According to Coinalyze, funding rates on 4 hour timeframes saw a sharp spike indicating a positive sentiment amongst market speculators as they looked to push for more bullish momentum going forward.

Bulls Aiming For Higher Resistance Levels

Buying pressure is expected to continue with bulls now aiming at higher resistance levels such as $5.21 and $5.72 in upcoming sessions if they are able to successfully defend their current position at $4.87 support level agains sellers looking to break it down further and extend Uniswap’s bearish trend downward .

Bitcoin Price Movement Could Have Implications On Uniswap

The recent 1% gain seen by Bitcoin [BTC] could have implications on Uniswap’s price movement as well with Bitcoin being highly correlated asset class that affects cryptocurrency markets significantly . If BTC continues its current uptrend then it could be beneficial for UNI investors who would determine their profits using Uniswaps profit calculators available online .

Conclusion

In conclusion , Uniswap buyers have defended the key $4.87 support level against sellers giving bulls an opportunity of a bullish rebound . On-chain metrics along with future market data indicate increasing buying pressure which could potentially translate into significant gains in UNIs value should it break past its immediate resistance levels .