dailyhodl.com
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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