The Potential Rise of Uniswap’s UNI Token
Uniswap’s native token, UNI, has been experiencing a period of struggle in terms of its price action recently. While the overall state of the crypto market could be a contributing factor to this lackluster performance, additional elements, such as the Wells Notice issued by the US Securities and Exchange Commission (SEC) to the Uniswap protocol, have also played a role.
Despite these challenges, the UNI price seems to be on the path to recovery, with the token witnessing a surge of over 2% within the last day. A well-known crypto analyst has even hinted at a potential bullish rally about to kick off for the DeFi coin. But the question remains – what could be the upper limit of Uniswap’s price movement?
An Expert’s Forecast of a $10 Target for Uniswap Price
In a recent post on a prominent crypto platform, analyst Ali Martinez shared an optimistic prediction regarding the price of UNI. According to Martinez, the cryptocurrency might be gearing up for a significant upward movement in the near future.
The analyst’s bullish outlook for the Uniswap token is based on the TD Sequential Indicator, a tool utilized in technical analysis to pinpoint potential points of trend exhaustion and price reversal. The indicator comprises two key phases – the “setup” and the “countdown.”
- Setup phase: Nine consecutive candles closing lower than the candle four periods ago, signaling a potential trend reversal.
- Direction of reversal: Determined by the type of candles observed in the setup – red candles suggesting a bottom and green candles implying a top.
According to Martinez, the TD Sequential has issued a buy signal on the UNI daily chart, indicating that the token could be gearing up for a 1 to 4-day rally. The DeFi coin may surge as high as $10, marking a more than 31% increase from its current price level.
Current State of UNI Price
Presently, the price of UNI hovers around $7.46, reflecting a 2% rise in the past 24 hours. However, this recent price uptick has not been sufficient to push the coin into profit territory on a weekly basis.
Based on data from CoinGecko, Uniswap’s price has dipped by over 4% in the last seven days. In a bid to reclaim the $10 threshold, the cryptocurrency is seeking to reverse the losses incurred following news of the SEC’s potential regulatory actions.
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