Uniswap's anticipated surge towards $12 is possibly bolstered by the prominent backing of this specific factor.
The cryptocurrency market is abuzz with excitement as Uniswap (UNI) shows signs of a potential bullish continuation. At the time of writing, UNI is trading near $9.58, holding above short-term support.
The setup points toward constrained supply conditions, with the current UNI exchange reserve standing at $819.78 million, a decrease of 4.18% from previous levels. Persistent outflows from UNI are indicative of growing exchange exits, suggesting that investors are holding onto their UNI tokens.
The balance of evidence currently leans in favor of buyers for UNI. This move coincides with a netflow outflow of $1.35 million, indicating growing exchange exits. The Long-to-Short account ratio for UNI on Binance is 1.60, with 61.54% long accounts versus 38.46% short, further indicating a bullish sentiment.
The derivatives landscape suggests that conviction remains with the bulls for UNI. Futures market activity for UNI has flagged "Big Whale Orders," suggesting significant volumes are backing bullish setups. Derivatives data shows strong bullish positioning for UNI, with the ADX at 23.50, indicating only moderate strength in UNI's current trend, and the DMI indicator showing moderate strength, with the +D line above the -D line, indicating buyers have a slight edge.
However, the key test for UNI is whether demand will grow strongly enough to convert accumulation into upward momentum. High long concentration in UNI could expose the token to sharper liquidations if momentum slows. The ability of UNI to defend the $8.72 support is crucial, as holding this zone would preserve bullish bias, while a breakdown could shift momentum in favor of sellers.
If UNI respects its ascending trendline and defends the $8.72 support, potential upside targets are at $12.32, $15.33, and $18.00. Any shift with the -D line crossing higher would suggest increasing bearish control, potentially signaling a reversal in UNI's current trend.
At present, there is no direct publicly available information indicating the current position of option traders regarding a potential price crash of UNI. It's essential to keep a close eye on market developments as they unfold.
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