{"id":4698,"date":"2020-09-24T11:00:00","date_gmt":"2020-09-24T11:00:00","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439556"},"modified":"2020-09-24T11:00:00","modified_gmt":"2020-09-24T11:00:00","slug":"bull-case-analyst-explains-how-uniswaps-uni-could-surge-34","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bull-case-analyst-explains-how-uniswaps-uni-could-surge-34\/","title":{"rendered":"Bull Case: Analyst Explains How Uniswap\u2019s UNI Could Surge 34%"},"content":{"rendered":"

The latest rebound in the UNI market<\/a> has raised its expectations of extending its bullish move by at least 34 percent.<\/p>\n

So says a pseudonymous analyst whose recent predictions for the newly-launched decentralized finance (DeFi) token have come accurate. The chartist in his Thursday tweet adjusted UNI\/USD’s upside target to $6.43. The pair was trading near $4.91 at the time of this writing.<\/p>\n

\"UNI,<\/a>
Trade setup presented by MacnBTC. Source: TradingView.com<\/figcaption><\/figure>\n
Trade setup presented by MacnBTC. Source: TradingView.com<\/a><\/pre>\n
The analyst envisioned UNI\/USDT to retest $4.67<\/a> as its local support, primarily because of its ability to act as a firm price floor\/ceiling regardless of the pair’s directional bias.<\/p>\n
If the price bounces back from $4.67, it could prompt traders to open a long position toward $5.30 as the intra-range resistance target. Meanwhile, a strong push above the price ceiling could extend the breakout target near $6.43.<\/p>\n
UNI Bullish Continuation<\/h2>\n
The analyst’s statement appeared as UNI\/USDT broke out of a Descending Channel trend earlier today. Before the channel formed, the pair had rallied by a massive 5500 percent, a move that underwent a small consolidation trend as it matured into a full-fledged breakout.<\/p>\n
UNI topped at $8.59 on September 18 but later started correcting lower on profit-taking sentiment. The downside move picked momentum as the rest of the cryptocurrency market tumbled, as well. The DeFi token fell to as low as $3.68 on September 22.<\/p>\n
\"UNI,<\/a>
UNI bounces after forming a local bottom at $3.68. Source: TradingView.com<\/figcaption><\/figure>\n
UNI bounces after forming a local bottom at $3.68. Source: TradingView.com<\/a><\/pre>\n
The token retreated from the low by as much as 35 percent<\/a> amid renewed buying interest. Later, it broke above the Descending Channel pattern shown in the chart above, signaling more gains in the coming sessions ahead.<\/p>\n
That is due to the technical description of a falling channel trend. An asset typically moves by as much as the height of the flagpole that formed before the pattern. So it appears, the said upward distance is $4.93. That means UNI could extend its upside by $4.93 from the point of the breakout.<\/p>\n
The DeFi token’s breakout target, therefore, sits near $9.61.<\/p>\n
Favorable On-Chain Outlook<\/h2>\n
Away from technicals, UNI is also trading amid a strong fundamental scenario.<\/p>\n
According to data fetched by Santiment, big traders are constantly increasing their UNI holdings. Their study showed that the wallets holding 100k-1 million UNI tokens have surged from 80 to 123 in almost a week. At the same time, traders holding 1m-10m UNI tokens have increased from 25 to 34.<\/p>\n
\"UNI,<\/a>
In Out Money Around Price chart. Source: Santiment<\/figcaption><\/figure>\n
In Out Money Around Price chart. Source: Santiment<\/a><\/pre>\n
That partially explains why the DeFi token is among the only cryptocurrencies that have surged higher even as the rest of the market falls.<\/p>\n","protected":false},"excerpt":{"rendered":"
The latest rebound in the UNI market has raised its expectations of extending its bullish move by at least 34 percent….<\/p>\n","protected":false},"author":1,"featured_media":4699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,28,124,95,172,64,190,191,176,192,177],"class_list":["post-4698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-crypto","tag-decentralized-finance","tag-defi","tag-fundamental","tag-technical","tag-uni","tag-unibtc","tag-uniswap","tag-uniusd","tag-uniusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4698"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4698"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4699"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}