Uniswap

Rekt

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 <p>A widely followed crypto analyst says that Uniswap (UNI) is on the verge of breaking out into a significant up<a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a>.</p>
 <p>Pseudonymous crypto trader Rekt Capital tells his 371,600 followers on the social media platform X that the native token of leading decentralized exchange (DEX) Uniswap could soon flip a key resistance level into support, signaling a <a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> reversal.</p>
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 <p><em>“Uniswap is on the cusp of a breakout from this macro market structure. Needs to break the top of this pattern and reclaim it as support to enter a new macro up<a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a>.”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_5R3uzXoAAEkdC?format=jpg&amp;name=medium" alt="Image" width="1200" height="851">
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   Source: Rekt Capital/X
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 <p>Uniswap is trading for $6.25 at time of writing, hovering slightly above the trader’s diagonal resistance.</p>
 <p>The trader also notices that the stablecoin Tether (USDT) is declining in total crypto market cap dominance, indicating holders are swapping the stablecoin for Bitcoin (BTC) and other risk-on digital assets.</p>
 <p><em>“USDT Dominance is declining. Investors are becoming more risk-seeking, eager to move away from stablecoins into BTC and altcoins. Tolerance to risk is growing, and rotational behavior is clear. Lose blue as support and this psychological <a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> will continue.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_5RXd7XkAANC_G?format=jpg&amp;name=medium" alt="Image" width="1200" height="851">
  <figcaption class="wp-caption-text">
   Source: Rekt Capital/X
  </figcaption>
 </figure>
 <p>Lastly, the trader says that Bitcoin is about a third of the way into its current bull market cycle, similar to other pre-halving years in 2019 and 2015. The next BTC halving, when miners’ rewards are cut in half, is expected in April 2024.</p>
 <p><em>“BTC bull market Progress: 28.0%”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_5SLTnWAAAjx7T?format=jpg&amp;name=medium" alt="Image" width="1200" height="851">
  <figcaption class="wp-caption-text">
   Source: Rekt Capital/X
  </figcaption>
 </figure>
 <p>Bitcoin is trading for $37,239 at time of writing.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/uniswap-uni-on-cusp-of-breaking-out-into-macro-uptrend-says-crypto-trader-here-s-his-outlook-tbt71986.html">https://thebittimes.com/uniswap-uni-on-cusp-of-breaking-out-into-macro-uptrend-says-crypto-trader-here-s-his-outlook-tbt71986.html</a></p>

Uniswap (UNI) on Cusp of Breaking Out Into Macro Uptrend, Says Crypto Trader – Here’s His Outlook

TheBitTimes

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