Uniswap

Coin

Several altcoins are currently on the rise following <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crosses-35000/" rel="noopener noreferrer nofollow">Bitcoin’s resurgence</a>, and <a href="https://bitcoinist.com/bitcoin-daily-chart-signals-impending-sell-off/" rel="noopener noreferrer nofollow">popular crypto analyst Ali Martinez</a> has singled out the <a href="https://bitcoinist.com/uniswap-blocked-253-crypto-addresses-heres-why/" rel="noopener noreferrer nofollow">Uniswap UNI token</a> as one of those tokens that could rally further as he projects that UNI is set to break out soon from its current resistance level.&nbsp;
<h2 id="why-uniswap-is-poised-for-a-breakout">Why Uniswap Is Poised For A Breakout</h2>
In a <a href="https://x.com/ali_charts/status/1718685734784127038?s=20" rel="noopener noreferrer nofollow">post</a> shared on his X (formerly Twitter) platform, Martinez noted that the majority of UNI holders were positioned ‘Out of the Money,’ which suggests that <a href="https://www.newsbtc.com/analysis/uni/uniswap-foundations-unexpected-43-million-token-sale/" rel="noopener noreferrer nofollow">the token</a> was preparing for a <a href="https://www.newsbtc.com/news/uniswap/uniswap-bullish-but-struggles-with-resistance-potential-for-more-gains/" rel="noopener noreferrer nofollow">breakout</a>. Accompanying his post was data from the crypto analytics platform Intotheblock based on the ‘Historical In/Out of the Money’ metric.
The <a href="https://app.intotheblock.com/coin/UNI/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a> shows that over 75% of the token holders are ‘out of the money’, <a href="https://www.newsbtc.com/news/uniswap/why-this-signal-means-uniswaps-bear-run-is-almost-over/" rel="noopener noreferrer nofollow">which means</a> that they were yet to break even in their investments as the average cost price at which they bought these tokens is greater than its current price.&nbsp; <img decoding="async" loading="lazy" class="alignnone size-medium wp-image-558182 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/10/Uniswap-UNI.png?w=460&amp;resize=460%2C186" alt="Uniswap UNI" width="460" height="186" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/Uniswap-UNI.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/10/Uniswap-UNI.png?w=460&amp;resize=460%2C186 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1">More addresses are out of the money | Source: IntoTheBlock 
Furthermore, the crypto analyst explained that selling pressure has gotten exhausted and that <a href="https://www.newsbtc.com/analysis/uni/uniswap-unveils-funding-plan-for-ecosystem-revamp-as-uni-price-hits-4-month-low/" rel="noopener noreferrer nofollow">the UNI token</a> has been able to build “an important support” level at around $4. This could serve as a lift-off point for the altcoin.
<h2 id="key-supply-walls-uni-needs-to-break">Key Supply Walls UNI Needs To Break</h2>
To further support his breakout theory, Martinez noted two supply walls that UNI “needs” to overcome in order to <a href="https://www.newsbtc.com/analysis/uni/uniswaps-uni-price-rally-6/" rel="noopener noreferrer nofollow">signal a bullish breakout</a>. According to him, one of these supply walls is at $4.23, where <a href="https://app.intotheblock.com/coin/UNI/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a> from Intotheblock shows that <a href="https://www.newsbtc.com/analysis/uni/uniswap-support-bnb-deploying-v3-protocol/" rel="noopener noreferrer nofollow">7,000 addresses</a> have bought 14.24 million worth of UNI.&nbsp;
The other supply wall is at $4.45, where data from Intotheblock shows that 2,000 Uniswap addresses have accumulated 10.28 million worth of UNI. Whales and institutional players may also be aware of this potential breakout and may be looking to position themselves, as Martinez noted.&nbsp;
The <a href="https://www.newsbtc.com/news/ethereum/ethereum-crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600." rel="noopener noreferrer nofollow">crypto analyst</a> also recently commented on a potential Ethereum breakout. In a different <a href="https://x.com/ali_charts/status/1717507868365078607?s=20" rel="noopener noreferrer nofollow">post</a> on his X platform, he said that the second largest cryptocurrency by market cap will need to overcome the huge supply wall at $1,960, where <a href="https://app.intotheblock.com/coin/ETH/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a> from Intotheblock showed that 1.14 million addresses bought close to 33 million ETH.
Meanwhile, Martinez <a href="https://x.com/ali_charts/status/1717902664883646538?s=20" rel="noopener noreferrer nofollow">believes</a> that now is a good time for people to accumulate Bitcoin based on his examination of the past two cycles from the market bottom and the <a href="http://v" rel="noopener noreferrer nofollow">present Bitcoin trend</a>. According to him, a similar trajectory points to the next Bitcoin market top being around October 2025.
At the time of writing, the UNI token is trading at around $4.10, according to <a href="https://coinmarketcap.com/currencies/uniswap/" rel="noopener noreferrer nofollow">data</a> from CoinMarketCap.&nbsp;
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/W2mMTy74/" alt="Uniswap UNI price chart from Tradingview.com (Crypto analyst)" width="2650" height="1758">

Crypto Analyst Presents Uniswap’s UNI As The Next Coin Primed For Breakout

目录

NewsBTC

发布于 2023年10月30日的其他文章

UK’s FCA to authorize overseas stablecoin providers

Snowtrace Shutdown: Avalanche Users Urged to Download Private Name Tags!

Navigating Inflation: A Strategy to Safeguard Your Finances and Leverage the Yuse Token in the Up...

SIT Operations Lead To Arrest of Key Suspect in Crypto Scam in India

Wemade and Elympics Sign Milestone WEMIX PLAY Onboarding Deal

K-Bank acquires major stake in Satang crypto exchange, eyes 20% Thai market share by 2024

订阅我们免费的电子期刊，获取每日最新加密领域动态！