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

source-logo  dailyhodl.com 29 November 2023 02:12, UTC

A widely followed crypto analyst says that Uniswap (UNI) is on the verge of breaking out into a significant uptrend.

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 trend reversal.

“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 uptrend.”

Uniswap is trading for $6.25 at time of writing, hovering slightly above the trader’s diagonal resistance.

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.

“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 trend will continue.”

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.

“BTC bull market Progress: 28.0%”

Bitcoin is trading for $37,239 at time of writing.