Uniswap’s native token, UNI, has struggled in terms of price action in recent weeks. While the overall state of the crypto market can be blamed for this dismal price performance, other factors such as the Wells Notice From the US Securities and Exchange Commission (SEC) to the Uniswap protocol, they also played a role.
However, UNI price appears to be recovering well as the token has jumped more than 2% in the last day. A popular crypto expert at
Analyst sets $10 target for Uniswap price
In a recent post on platform, prominent crypto analyst Ali Martinez came up with an exciting bullish prediction for UNI price. According to the expert, the cryptocurrency may be preparing for a rise in the coming days.
The rationale behind this bullish prognosis for the Uniswap token is based on the TD Sequential Indicator (Tom DeMark). O Tom Demark Sequel is a technical analysis indicator used to identify the likely moment 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 “countdown” phases. As shown in the chart above, UNI price has just completed the setup phase, which comprises nine consecutive candles that closed below the candle from four periods ago.
The completion of this phase usually signals a potential reversal of the token’s price trend. 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 TD Sequential displayed a buy alarm on the UNI daily chart, and the token could be “preparing for a 1-4 day rally.” According to the analyst, the DeFi coin could jump up to $10, representing an increase of more than 31% compared to the current price.
UNI Price Overview
At the time of writing, UNI price was around $7.46, reflecting a 2% jump in the last 24 hours. However, this latest price increase is not enough to bring profit to the coin on the weekly period.
According to data from CoinGecko, the price of Uniswap has fallen by more than 4% in the last seven days. O cryptocurrency would try to recover the $10 level, having lost it due to news of the SEC’s impending 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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