Crypto Analyst Says Uniswap Flashing Short-Term Bullish Signal, Updates Outlook on Cardano
A popular crypto trader says the top decentralized exchange (DEX) Uniswap (UNI) is flashing a short-term bullish signal.
The analyst Ali Martinez tells his 59,400 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal for UNI on the daily chart, which he says suggests the asset could be “gearing up for a 1-4 day rally, potentially reaching $10!”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
UNI is trading at $7.49 at time of writing. The 23rd-ranked crypto asset by market cap is up nearly 3% in the past 24 hours.
Martinez also notes that Cardano’s (ADA) Market Value to Realized Value (MVRV) ratio dipped below -22%.
“The last time Cardano’s MVRV Ratio dipped below -22%, ADA’s price soared by over 75%. With the ADA MVRV Ratio back under -22%, we could see another impressive rebound!”
MVRV is the ratio of ADA’s market capitalization relative to its realized capitalization (the value of all ADA at the price they were bought). It is used to assess whether the crypto asset is undervalued or overvalued.
Cardano is trading at $0.472 at time of writing. The smart contract platform is up nearly 2.5% in the past 24 hours.
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