Crypto Analyst Presents Uniswap’s UNI As The Next Coin Primed For Breakout
30 October 2023 - 9:00PM
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Several altcoins are currently on the rise following Bitcoin’s
resurgence, and popular crypto analyst Ali Martinez has singled out
the Uniswap UNI token as one of those tokens that could rally
further as he projects that UNI is set to break out soon from its
current resistance level. Why Uniswap Is Poised For A
Breakout In a post shared on his X (formerly Twitter) platform,
Martinez noted that the majority of UNI holders were positioned
‘Out of the Money,’ which suggests that the token was preparing for
a breakout. Accompanying his post was data from the crypto
analytics platform Intotheblock based on the ‘Historical In/Out of
the Money’ metric. Related Reading: Bitcoin Bull Market: Crypto
Spot Trading Volumes Climb To 8-Month Highs The data shows that
over 75% of the token holders are ‘out of the money’, which means
that they were yet to break even in their investments as the
average cost price at which they bought these tokens is greater
than its current price. More addresses are out of the money |
Source: IntoTheBlock Furthermore, the crypto analyst explained that
selling pressure has gotten exhausted and that the UNI token has
been able to build “an important support” level at around $4. This
could serve as a lift-off point for the altcoin. Key Supply Walls
UNI Needs To Break To further support his breakout theory, Martinez
noted two supply walls that UNI “needs” to overcome in order to
signal a bullish breakout. According to him, one of these supply
walls is at $4.23, where data from Intotheblock shows that 7,000
addresses have bought 14.24 million worth of UNI. The other
supply wall is at $4.45, where data from Intotheblock shows that
2,000 Uniswap addresses have accumulated 10.28 million worth of
UNI. Whales and institutional players may also be aware of this
potential breakout and may be looking to position themselves, as
Martinez noted. Related Reading: XRP Price Prediction:
Analyst Points Out Incoming Mega Bounce, Here’s The Target The
crypto analyst also recently commented on a potential Ethereum
breakout. In a different post on his X platform, he said that the
second largest cryptocurrency by market cap will need to overcome
the huge supply wall at $1,960, where data from Intotheblock showed
that 1.14 million addresses bought close to 33 million ETH.
Meanwhile, Martinez believes that now is a good time for people to
accumulate Bitcoin based on his examination of the past two cycles
from the market bottom and the present Bitcoin trend. According to
him, a similar trajectory points to the next Bitcoin market top
being around October 2025. At the time of writing, the UNI token is
trading at around $4.10, according to data from
CoinMarketCap. Uniswap looks ready for breakout | Source:
UNIUSDT on Tradingview.com Featured image from Shutterstock, chart
from Tradingview.com
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