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

A broadly adopted crypto analyst says that Uniswap (UNI) is on the verge of breaking out into a major uptrend.

Pseudonymous crypto dealer Rekt Capital tells his 371,600 followers on the social media platform X that the native token of main decentralized trade (DEX) Uniswap may quickly flip a key resistance stage into assist, signaling a development 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.”

Supply: Rekt Capital/X

Uniswap is buying and selling for $6.25 at time of writing, hovering barely above the dealer’s diagonal resistance.

The dealer additionally notices that the stablecoin Tether (USDT) is declining in whole crypto market cap dominance, indicating holders are swapping the stablecoin for Bitcoin (BTC) and different risk-on digital belongings.

“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.”

Supply: Rekt Capital/X

Lastly, the dealer says that Bitcoin is a few third of the best way into its present bull market cycle, just like different pre-halving years in 2019 and 2015. The subsequent BTC halving, when miners’ rewards are minimize in half, is anticipated in April 2024.

“BTC bull market Progress: 28.0%”

Supply: Rekt Capital/X

Bitcoin is buying and selling for $37,239 at time of writing.

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