A well-known cryptocurrency trader believes that Uniswap (UNI), the top decentralized exchange (DEX), is showing signs of a short-term bullish trend. Analyst Ali Martinez shared with his large following on the social media platform X that the Tom DeMark (TD) Sequential indicator recently gave a buy signal for UNI on the daily chart. According to Martinez, this indicates that UNI could experience a rally lasting 1-4 days and potentially reaching $10.
The TD Sequential Indicator is commonly used by traders to predict potential trend reversals for tokens based on the closing prices of the previous 13 bars or candles.
At the time of writing, UNI is trading at $7.49, and it has seen an increase of nearly 3% in the past 24 hours. It currently holds the 23rd position in terms of market capitalization.
Martinez also drew attention to Cardano (ADA) and its Market Value to Realized Value (MVRV) ratio, which recently dropped below -22%. He mentioned that the last time ADA’s MVRV Ratio dipped below this level, the price of ADA increased by over 75%. With the ratio now back below -22%, Martinez suggests that another impressive rebound could be on the horizon for ADA.
The MVRV ratio compares ADA’s market capitalization to its realized capitalization, which is the value of all ADA at the price they were purchased. It is a metric used to determine whether a cryptocurrency is undervalued or overvalued.
Cardano is currently trading at $0.472, and it has seen a rise of nearly 2.5% in the past 24 hours. The smart contract platform continues to gain popularity in the crypto market.
Please note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
