Uniswap Resurgence Incoming? Analyst Predicts 30% Surge For UNI Price
April 20 2024 - 4:49AM
NEWSBTC
Uniswap’s native token, UNI, has been struggling in terms of its
price action over the past few weeks. Although the general state of
the crypto market may be blamed for this gloomy price performance,
other factors, such as the Wells Notice from the US Securities and
Exchange Commission (SEC) to the Uniswap protocol, have also played
a role. However, the UNI price appears to be recovering well, as
the token has jumped by more than 2% in the past day. A popular
crypto pundit on X has predicted that a bullish rally might only
just be beginning for the DeFi coin, but the question is – how far
can Uniswap’s price go? Analyst Sets $10 Target For Uniswap Price
In a recent post on the X platform, prominent crypto analyst Ali
Martinez put forward an exciting bullish prediction for the price
of UNI. According to the expert, the cryptocurrency might be
getting ready for a run to the upside in the coming days. Related
Reading: Injective Votes On Major Upgrade To Make INJ Even More
Deflationary: Will Prices Recover? The rationale behind this
bullish prognosis for the Uniswap token is based on the TD (Tom
DeMark) Sequential Indicator. The Tom Demark Sequential is an
indicator in technical analysis used to identify the probable time
and points of trend exhaustion and price reversal. Uniswap's daily
price chart | Source: Ali_charts/X The TD Sequential indicator
consists of two stages, namely the “setup” and the “countdown”
phases. As shown in the chart above, UNI’s price just completed the
setup phase, which comprises nine consecutive candles that closed
lower than the candle four periods ago. The completion of this
phase usually signals a potential trend reversal for the token’s
price. The direction of the reversal depends on the type of candles
that formed the “setup” (I.e., red candles would suggest a bottom
for the asset, while green candles would imply a top). Martinez
noted in his post that the TD Sequential has flashed a buy alarm on
the UNI daily chart, and the token might be “gearing up for a 1 –
4-day rally. According to the analyst, the DeFi coin could jump as
high as $10, representing an over 31% surge from the current price
point. UNI Price Overview As of this writing, the price of UNI
stands at around $7.46, reflecting a 2% jump in the past 24 hours.
However, this latest price increase is not enough to bring the coin
to profit on the weekly timeframe. Related Reading: Shiba Inu Burn
Rate Sees 81% Daily Increase, But Why Is Participation Low?
According to CoinGecko’s data, Uniswap’s price is down by more than
4% in the past seven days. The cryptocurrency would look to regain
the $10 level, having lost it due to the news of the SEC’s looming
action. UNI price showing signs of recovery on the daily
timeframe | Source: UNIUSDT chart on TradingView Featured image
from Uniswap Labs, chart from TradingView
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