A popular crypto trader says the main decentralized exchange (DEX) Uniswap (UNI) is issuing a short-term bullish signal.
The analyst Ali Martinez tells his 59,400 followers on the social media platform days, possibly 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 the time of writing. The 23rd-ranked crypto asset by market capitalization is up almost 3% in the past 24 hours.
Martinez too notes that the market value to realized value ratio (MVRV) of Cardano (ADA) fell below -22%.
“The last time Cardano’s MVRV ratio fell below -22%, ADA’s price rose over 75%. Now that the ADA MVRV ratio is back below -22%, we can see another impressive recovery!”
MVRV is the ratio of ADA market capitalization to realized capitalization (the value of all ADA at the price at which they were purchased). It is used to assess whether the crypto asset is undervalued or overvalued.
Cardano is trading at $0.472 at the time of writing. The smart contract platform is up almost 2.5% in the past 24 hours.
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Generated image: Midjourney