UNI’s road to $10 – Cashing in on this buy signal could be key

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    Analyst claimed UNI’s rally might stretch for another 2-3 days, possibly reaching $10
    Uptick came as a relief for the token after its battle with regulators

In the past 24 hours, the value of Uniswap’s [UNI] decentralized finance token increased by 7.2%. This surge can be attributed to the cryptocurrency market showing signs of upward volatility following Bitcoin‘s [BTC] halving event.

The trading volume increased by 15% in the last 24 hours, resulting in over $181 million worth of UNI being traded on CoinMarketCap.

Will UNI’s fortunes shift?

Token holders experienced a welcome increase in value after their UNI investments dropped by nearly 30% during the previous month. According to analyst predictions, potential profits may continue to grow in the near future.

Crypto expert Ali Martinez identified a buy signal for UNI using the TD Sequential indicator, indicating potential growth for up to an additional 2-3 days. This could potentially push the token’s price towards $10.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

Due to the recent reduction in cryptocurrency rewards for miners (halving), there has been an influx of investor funds back into the market. Notably, UNI, introduced post-halving, experienced significant growth and reached its all-time high (peak) the subsequent year.

Market sentiment looks positive

At the same time, the surge in price for UNI led to a significant increase in open interest within its futures market, as reported by AMBCrypto using information from Coinglass, which showed a 6.4% rise over a 24-hour period.

Normally, an increase in price being preceded by an increase in open interest indicates fresh capital entering the market and serves as evidence of the ongoing upward trend.

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

At the current moment, based on Hyblock Capital’s data analyzed by AMBCrypto, the investment community’s sentiment towards UNI was skewed towards greed. This inclination might boost purchasing activity in the approaching days, potentially contributing to UNI reaching a price of $10.

Realistic or not, here’s UNI’s market cap in BTC’s terms

Uniswap’s environment has faced regulatory hurdles following a Wells notice from the US Securities and Exchange Commission (SEC) received earlier this month. Despite Uniswap’s assertion that they are ready for the legal confrontation, UNI‘s performance within the community remains a source of interest.

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2024-04-20 09:11