A widely respected cryptocurrency analyst says Uniswap (UNI) is on the verge of entering a significant upward trend.
Pseudonymous cryptocurrency trader Rekt Capital says 371,600 followers on social media platform
“Uniswap is at the moment of breaking away from these macro market structures. We need to break the top of this pattern and reclaim it as support to enter a new macro uptrend.”
Uniswap is trading at $6.25 at the time of this writing, slightly above traders’ diagonal resistance.
merchant island announcement Stablecoin Tether’s (USDT) declining dominance of overall cryptocurrency market capitalization indicates that holders are exchanging their stablecoins for Bitcoin (BTC) and other risky digital assets.
“USDT dominance is decreasing. Investors are increasingly risk-seeking and eager to move from stablecoins to BTC and altcoins. Risk tolerance is growing and cyclical behavior is becoming evident. Losing blue as support will likely continue this psychological trend.”
Finally, the merchant Called Bitcoin is currently about a third of the way through its bull market cycle, similar to the years before other halvings in 2019 and 2015. The next BTC halving, when miners’ rewards will be halved, is expected to take place in April 2024.
“BTC bull market progress: 28.0%”
At the time of this writing, Bitcoin is trading at $37,239.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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