A widely followed crypto analyst says Uniswap (UNI) is poised to break out of a significant uptrend.
Pseudonymous crypto trader Rekt Capital tells His 371,600 followers on social media platform
“Uniswap is on the verge of a breakout from this macro market structure. We need to break the top of this pattern and regain it as support to enter a new macro uptrend.”
Uniswap is trading at $6.25 at the time of writing, hovering slightly above the trader’s diagonal resistance.
The trader too notices that the stablecoin Tether (USDT) is declining in overall crypto market cap dominance, indicating holders are exchanging the stablecoin for Bitcoin (BTC) and other risky digital assets.
“USDT’s dominance is waning. Investors are becoming increasingly risk-seeking and are eager to switch from stablecoins to BTC and altcoins. Tolerance for risk is growing and rotational behavior is evident. Lose blue as support and this psychological trend will continue.”
Finally, the trader say that Bitcoin is about a third of the way through its current bull market cycle, similar to other pre-halving years in 2019 and 2015. BTC’s next halving, when miner rewards are halved, is expected in April 2024.
“BTC Bull Market Advance: 28.0%”
Bitcoin is trading at $37,239 at the time of writing.
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Generated image: Midjourney