Over the last few weeks, UNI, Uniswap’s native token, has faced challenges in its price movement. The crypto market’s overall condition may be partly responsible for this downturn. However, additional influences, including the SEC’s Wells Notice to Uniswap protocol, have also contributed to these lackluster price results.
Despite a recent dip, UNI’s price is bouncing back with over 2% growth in the last 24 hours. A renowned crypto analyst on platform X anticipates an ongoing bullish trend for this DeFi token. Yet, it remains to be seen how high Uniswap’s price will climb.
Analyst Sets $10 Target For Uniswap Price
Recently on the X platform, well-known crypto analyst Ali Martinez shared an optimistic forecast for UNI’s price. Based on his analysis, there are signs that UNI could experience significant growth in the near future.
The reason for this optimistic forecast for Uniswap’s token is supported by the TD (Tom DeMark) Sequential Indicator, a technical analysis tool that helps determine potential ending points for trends and possible price shifts.
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.
Completing this phase often indicates a possible change in direction for the token’s price. The new trend may be up if the preceding candles were green, or down if they were red. In simpler terms, a series of red candlesticks might signal a bottom, while a string of green ones could imply a peak.
Martinez pointed out in his blog entry that the TD Sequential signaled a buy opportunity on UNI’s daily chart. The Defi token might then be preparing for a rally of 1 to 4 days, potentially reaching a peak price of $10, which is a significant increase of approximately 31% from its current value.
UNI Price Overview
Currently, UNI is priced at approximately $7.46, representing a 2% rise over the previous 24 hours. Yet, this recent price hike falls short of generating profits for investors on a weekly basis.
Based on information from CoinGecko, Uniswap’s price has decreased by over 4% in the last week. The cryptocurrency aims to recover and reach the $10 mark once again after giving it up due to the SEC’s impending announcement.
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2024-04-20 22:44