Uniswap’s native token, UNI, has struggled with its price action in recent weeks. While the overall state of the crypto market can be blamed for this dismal price trend, other factors, such as the U.S. Securities and Exchange Commission (SEC) Wells Notice on the Uniswap protocol, have also played a role.
However, UNI price seems to be recovering well as the token is up over 2% in the past day. A popular crypto expert on
Analyst sets $10 target for Uniswap price
In a recent one message on the X platform, prominent crypto analyst Ali Martinez came up with an exciting bullish prediction for the price of UNI. According to the expert, the cryptocurrency may be preparing for a price increase in the coming days.
The rationale behind this bullish forecast for the Uniswap token is based on the TD (Tom DeMark) Sequential Indicator. The Tom Demark Sequential is an indicator in technical analysis used to identify the likely time and points of trend exhaustion and price reversal.
Uniswap's daily price chart | Source: Ali_charts/X
The TD Sequential indicator consists of two phases, namely the “setup” and the “countdown” phase. As shown in the chart above, UNI’s price has just completed the setup phase, which consists of nine consecutive candles that closed lower than the candle from four periods ago.
The completion of this phase usually signals a potential trend reversal for the token’s price. The direction of the reversal depends on the type of candles that formed the “setup” (i.e., red candles would suggest a bottom for the asset, while green candles would imply a top).
Martinez noted in his post that the TD Sequential has triggered a buy alarm on the UNI daily chart, and that the token may be “gearing up for a one- to four-day rally. According to the analyst, the DeFi coin could rise as high as $10, marking an increase of over 31% from its current price point.
UNI price overview
At the time of writing, UNI’s price is around $7.46, reflecting a 2% increase in the last 24 hours. However, this latest price increase is not enough to make the coin profitable on a weekly time frame.
According to CoinGecko data, Uniswap’s price has fallen by more than 4% over the past seven days. The cryptocurrency would be looking to regain the $10 level after losing it on news of the SEC’s impending action.
UNI price showing signs of recovery on the daily timeframe | Source: UNIUSDT chart on TradingView
Featured image from Uniswap Labs, chart from TradingView
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