Connect with us

Uniswap

Top Crypto Analyst Predicts New All-Time High for Uniswap, Examines State of Litecoin and Chainlink

Published

on

Top crypto analyst Nicholas Merten is mapping out bullish scenarios for UNI, the native cryptocurrency of the decentralized exchange Uniswap.

In a new video, Merten tells his 463,000 YouTube subscribers that UNI/Bitcoin is currently bouncing from a key support level.

“Uniswap has been generally holding, albeit for a few exceptions where the wicks break a bit lower. Every time we get towards this range [0.0005 Bitcoin (BTC) or $16], buyers come in. Price doesn’t live below this line very long, and in fact, buyers come in and drive the price higher.”

Advertisement

Merten highlights that he believes UNI/BTC is in a mid-cycle correction as the pair has yet to print a bearish lower low setup, signaling a potential trend reversal.

The prominent crypto strategist is also plotting two bullish scripts for UNI/BTC. Merten sees the pair printing a new all-time high above 0.0009 BTC, worth about $30 at time of writing, by the fourth quarter of 2021.

“We’d want to see [UNI/BTC] set in a higher low… So you might get it where we break higher than this range [0.0007 or $23.74] over the course of July. We come back down. We maybe set a higher support range… And then, we start moving higher, revisiting those previous highs against Bitcoin, and start popping up higher…

Advertisement

It could be we set in a lower high, setting a higher low, and then eventually claim higher price territory.”   

Another coin pair on Merten’s radar is Litecoin (LTC) against Bitcoin. According to the analyst, LTC/ BTC is forming a bullish pattern that could potentially end its downtrend.

“What we’ve got here with LTC/BTC is that you’ve got a descending wedge. It sounds bearish, but actually a descending wedge tends to be very bullish because the highs are falling at a faster rate than lows or the support range. So buyers are coming in, albeit lower levels, but they’re coming in at shorter and shorter intervals.”

Advertisement

Merten says there’s a good chance that LTC/BTC will break its diagonal resistance around 0.0038, worth about $130, before exploding.

As for Chainlink, Merten says the decentralized oracle network is currently hovering above its long-trend support against Bitcoin (LINK/BTC).

“You can see here that Chainlink has just come back down, yet again, on a line of significant support. It’s pulling back. It’s cooling down. It’s getting into what’s generally a discount range… At this range [it] tends to be that people come in and drag the price higher.”

Advertisement

News Source

Uniswap

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win

Published

on

  • The price has decreased up to $26.29.
  • Uniswap price analysis predicts a bearish trend.
  • Cryptocurrency is supported at $23.671.

The price has been traveling low for the past few days as the bears have been struggling to remain at the lead. A downtrend has been observed today as well, as the price has been lowered to the $26.3 level as the bears have regained their strength. This has proved to be quite detrimental for the overall coin value, as chances of recovery have been postponed. It is expected that further decline will follow in the upcoming hours as well.

UNI/USD 1-day price chart: Recent setback turns price down to $26.3 mark

The one-day Uniswap price analysis is confirming a downward price movement for today, as the price has declined up to $26.3. The price has been experiencing a fall since the past few days with bullish interruptions as well. The bears have been able to bring the price down to $26..291 in the last 24 hours after gaining the advantage of the situation. The price has gone below the moving average (MA) value as well which is at $26.302.

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win 1

The volatility has increased during the day which is yet another bearish sign. As a result, the upper Bollinger band value has now moved up to $27.51 whereas the lower Bollinger band value moved down to $23.671. The Relative Strength Index (RSI) score has undergone reduction to a certain degree as well as it is now at 54.

Uniswap price analysis: Cryptocurrency faces repulsion above $26 as bears steer safe

The four hours Uniswap price analysis is declaring the bearish lead as the price has been consistently declining. A downward trend has been observed since the past few hours as the price has moved down to the $26.28 level. The price has dropped significantly as the bearish momentum has been intensifying since the last four hours. The moving average, in the four hours price chart, is standing at the $26.31 level.

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win 2
UNI/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 took place earlier, which is expected to occur once again. The decrease in volatility has changed the upper Bollinger band value to $27.284 and the lower Bollinger band value to $25.4. The RSI score has decreased to 50.14 because of the drastic drop in UNI/USD value.

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win 3
UNI/USD technical indicators chart. Source: TradingView

The technical indicators chart for UNI/USD is going in the bullish direction today because of the increase in price that was recorded over the period of past few weeks. There are 14 indicators present on the buying position, 10 indicators are on the neutral position while only two indicators are on the selling position.

The moving averages indicator is also dictating a strong rise in price by a bullish signal. There are 13 indicators currently settled on the buying mark, while both of the selling and neutral marks are holding one indicator each. The Oscillators are giving out a neutral indication for the day as there are nine oscillators at a neutral level, one oscillator at selling, and one oscillator at buying levels.

Advertisement

Uniswap price analysis conclusion

The price experienced a drop today as it has been confirmed from the one-day and four hours Uniswap price analysis. Although the price went higher earlier, the bears are now back on track as they have been able to bring the price down to $26.29 in the last 24 hours. The cryptocurrency is to face more loss in the future as the hourly prediction has been on the unfavorable side as well.

News Source

Advertisement
Continue Reading

Uniswap

Uniswap Price Analysis: UNI consolidates above $25, slowly prepares to push higher?

Published

on

  • Uniswap price analysis is bullish today.
  • UNI/USD continued to consolidate above $25.
  • Closest resistance at $27.

Uniswap price analysis is bullish today as a higher low has been established above $27 after a several-day consolidation. Therefore, we expect UNI/USD to move higher over the next 24 hours and likely test the $27 mark.

Uniswap Price Analysis: UNI consolidates above $25, slowly prepares to push higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly with bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 2.91 percent, while Ethereum gained 2.05 percent. Meanwhile, Terra (LUNA) is among the top performers, with a gain of 7.5 percent.

Uniswap price movement in the last 24 hours: Uniswap continues to consolidate above $25

UNI/USD traded in a range of $25.31 – $26.22, indicating mild volatility over the last 24 hours. Trading volume totals $236 million, while the total market cap trades around $15.8 billion, ranking the coin in 11th place overall.

UNI/USD 4-hour chart: Ready to test $27 next?

On the 4-hour chart, we can see bullish momentum slowly forming as Uniswap price targets the $27 mark next.

Uniswap Price Analysis: UNI consolidates above $25, prepares to push higher?
UNI/USD 4-hour chart. Source: TradingView

Uniswap price has struggled to reach further upside after a very strong advance at the end of September. During the first days of October, UNI/USD set another higher high at $27 after breaking the previous high at $26.

What followed was a several-day consolidation around the $25 mark. On the 11th of October, Uniswap finally broke lower, moving to the $22.5 mark. From there, a reversal was seen, pushing UNI/USD towards a new higher high at $28.

Advertisement

However, since then, a consolidation above $25 after a brief retracement has been seen. Overall, unless the Uniswap price action breaks below the $25 support, we expect further upside later this week.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bullish today as a higher low has been established around $25 after consolidation over the last 24 hours. Therefore, we expect UNI/USD to continue higher later today and test the $27 mark next.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Advertisement
Continue Reading

Uniswap

Uniswap Price Prediction: UNI bulls eye 40% upswing

Published

on

  • Uniswap price broke out of a descending parallel channel on October 1 but lacks momentum.
  • A decisive close above $25.24 could signal the start of an uptrend.
  • UNI will face $29.43 before hitting the $33.34 resistance barrier.

Uniswap price broke out of its consolidation phase on October 1 but showed no signs of moving. A bounce that pushes it past the immediate resistance level could trigger the start of an uptrend.

Uniswap price prepares for volatile move

Uniswap price set up three lower lows and lower highs since August 18. Connecting these swing points using trend lines results in the formation of a descending parallel channel. While a move above the channel’s upper barrier usually indicates a breakout and catalyzes a run-up, UNI seems to be facing a problem. 

Since its breakout, Uniswap price has dropped 7%, slicing through the $25.24 support floor. Therefore, UNI needs to gather steam and produce a decisive close above this resistance level to signal the start of an uptrend.

Doing so will allow Uniswap price to embark on a 40% climb to $33.34. However, UNI will face stiff resistance around $29.43, which must be cleared for the bulls to reach their destination.

Advertisement
UNI/USDT 1-day chart

UNI/USDT 1-day chart

Firmly supporting the potential bullish outlook is Santiment’s Market Value to Realized Value (MVRV) model. This on-chain metric is used to determine the average profit/loss of investors that purchased UNI over the past year.

Currently, the 365-day MVRV is hovering at -1.21%, suggesting that short-term investors have already sold their holdings and that a sell-off at this stage is unlikely. Moreover, the negative territory is where long-term holders accumulate. Therefore, a potential surge in buying pressure could kick-start a new uptrend.

UNI 365-day MVRV chart

UNI 365-day MVRV chart

IntoTheBlock’s Global In/Out of the Money (GIOM) model supports the cautiously optimistic scenario. This model shows that roughly 31,700 addresses that previously purchased 244.64 million UNI at an average price of $27.29 are “Out of the Money” and are likely to sell if Uniswap price ever rises to this level.

Advertisement

Therefore, the buyers need to overcome this resistance level to have any chances of an upswing.

UNI GIOM chart

UNI GIOM chart

While things are not looking so good for Uniswap price, continuing this downswing could lead to a retest of the $20.62 support floor. A breakdown of this barrier will reveal a weakness among the buyers and knock UNI down to $18.

If the bulls fail to defend this level, it will invalidate the bullish thesis and likely knock UNI down to $14.01.

Advertisement

News Source

Continue Reading