UNIswap’s native token, UNI, has been struggling in terms of price action over the past few weeks. While the general state of the cryptocurrency market may be to blame for this dismal price performance, other factors, such as the U.S. Securities and Exchange Commission’s (SEC) Wells notice on the Uniswap protocol, also played a role.
However, the UNI price appears to be recovering well, with the token soaring by more than 2% the previous day. A popular cryptocurrency expert at
Analyst sets Uniswap price target at $10
In a recent post on the Cryptocurrencies may be poised for an upswing in the coming days, according to experts.
The basis for this bullish prediction for the Uniswap token is based on the Tom DeMark (TD) Sequential Indicator. Tom Demark Sequential is a technical analysis indicator used to identify possible times and points of trend exhaustion and price reversal.
Uniswap's daily price chart | Source: Ali_charts/XThe TD sequential indicator consists of two phases: “Setup” and “Countdown” phases. As you can see in the chart above, the price of UNI has just completed a setup phase consisting of 9 consecutive candles that closed lower than the candle from 4 months ago.
Completion of this phase usually indicates a potential trend reversal in the token price. The direction of the reversal depends on the type of candle that makes up the “setup”. That is, red candles indicate bottoms for an asset and green candles indicate high points.
In his post, Martinez noted that TD Sequential has placed a buy alert on the UNI daily chart and that the token “may be gearing up for a 1-4 day rally.” According to analysts, the DeFi coin could surge by more than 31% from its current price, reaching $10.
UNI Pricing Overview
As of this writing, the UNI price is around $7.46, up 2% in the last 24 hours. However, this price increase is not enough to make the coin profitable on a weekly basis.
According to data from CoinGecko, the price of Uniswap has fallen more than 4% over the past seven days. The cryptocurrency is expected to recover to the $10 level, where it had fallen due to news of the SEC’s upcoming action.
UNI price showing signs of recovery on the daily timeframe | Source: UNIUSDT chart on TradingView
Featured image by Uniswap Labs, chart by TradingView
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