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Recently, Uniswap’s native token UNI has encountered several challenges in terms of price performance. It would be incorrect to attribute this troubled period solely to the general state of the crypto market. Factors such as the Wells Notice from the U.S. Securities and Exchange Commission (SEC) directed at the Uniswap protocol also played a role in this downturn. However, signs of recovery in UNI’s price in recent days have given investors hope. A leading crypto expert on the X platform predicts that a new surge for the DeFi-focused cryptocurrency could be imminent. Yet, the question remains: where can Uniswap’s price go?
Analyst Sets $10 Target for UNI Price
In his latest post on the X platform, renowned crypto analyst Ali Martinez has put forward an exciting bullish forecast for UNI’s price. According to Martinez, the cryptocurrency could be gearing up for an upward run in the near future.
The logic behind this bullish forecast is based on the Tom DeMark Sequential Indicator. This indicator is used to identify potential times and points for trend exhaustion and price reversals.
The TD Sequential indicator consists of “setup” and “countdown” stages. UNI’s price, as shown in the charts, has just completed the setup stage, which consists of nine consecutive candles closing lower than the candle four periods earlier.
The completion of this stage is usually a harbinger of a trend reversal. The direction of the reversal depends on the type of candles that form the “setup.” Martinez notes in his article that the TD Sequential has given a buy signal on the UNI daily chart, indicating that the token could be preparing for a “1 – 4 day rally.” According to the analyst, UNI could rise more than 31% from its current price point to reach $10.
Overview of UNI Price
Currently, the price of UNI is around $7.48, showing a 2% increase over the last 24 hours. However, this recent price increase has not been sufficient to make the cryptocurrency profitable on a weekly basis.
Data indicates that Uniswap’s price has dropped more than 4% over the last seven days. The cryptocurrency seems to be trying to regain the $10 level it lost due to news related to the SEC’s impending action.
UNI‘s future price movements are still unclear. However, predictions by analysts and experts offer considerable potential worth noting for investors. It’s beneficial to keep an eye on developments.
