Uniswap (UNI) investors might experience near-term upsides as several bullish factors emerge, favoring an optimistic outlook. Let us check why the alt could be a lucrative buy as we end August’s final week. UNI’s August performance has seen bearishness dominating.
The alternative token lost 38% within the month to explore levels of $5.88 during this publication. Meanwhile, such a discount remains substantial to welcome interest return, especially considering the token’s current value area.
Stars Aligning for UNI
UNI price hovered beyond the 23.6% FIB retracement during this publication. This zone matched the price zone at $5.56, which previously served as a resistance mark during May-June. The same area offered support in mid-July. Moreover, market players can expect the levels to provide a foothold amid the prevailing bearish performance.
UNI’s Relative Strength Index and Money Flow Index dipped into the oversold region on August 28. That further amplifies the chances of Uniswap’s near-term bullish picture. Also, the alt’s on-chain data reveal similar narratives, especially following last week’s downside.
Uniswap’s volume and transaction metrics declined significantly from August 15 to 23. Nevertheless, the indexes have since displayed some recovery. That was the case on August 28’s final 24 hours. Meanwhile, UNI should secure enough buying strength to conquer the prevailing selling pressure and build grounds for a massive upside.
Fortunately, identifying volume influx could be somewhat easy with the correct tools. Most market players tend to keep away from the marketplace amidst downsides. Investors return whenever the market begins to warm up. In this context, the oversold situation and the price testes support zone could trigger increased investor interest.
That was the narrative with Uniswap’s address activity which hiked within the past 24 hours. The chances of a bullish pivot remain high as UNI exhibits oversold conditions and address activity soar. The FUD dissipation, especially concerning Mt. Gox Bitcoin, can also back UNI’s upside rebound.
However, enthusiasts should assess the overall market before profitable price analysis. The market remained deteriorated, with Bitcoin hovering beneath the vital $20K. The bellwether crypto traded at $19,960.69 during this writing.
