As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to navigate through the turbulence and seize opportunities when they present themselves. The recent surge in Uniswap’s price has caught my attention, and it seems like we might be on the brink of a significant breakout.
On Wednesday, Uniswap’s price jumped by 12%, reaching $6.9. This surge exceeded the broader market’s upward trend. The significant increase might be due to large investors buying up Uniswap (UNI) and Arbitrum (ARB), as well as Prometheum Capital’s announcement of incorporating these two cryptocurrencies into its custodial platform. The increasing price may test the resistance line sloping downward in a wedge formation, suggesting a possible break from a five-month correction phase.
Uniswap Price Poised for Growth After Prometheum Integration
Prometheum Capital, a branch of Prometheum Inc., has revealed that it will now support Uniswap (UNI) and Arbitrum (ARB) on its safekeeping service. This decision demonstrates their continuous efforts to make regulated digital securities available and ensure U.S.-based institutional and corporate clients can securely access these well-known blockchain assets.
As an analyst, I’m excited about our strategy to employ blockchain technology to establish on-chain records of digital asset ownership. This move essentially eliminates the need for conventional intermediaries such as transfer agents. The beauty of this method lies in its transparency, as it enables real-time monitoring of asset ownership. Moreover, it significantly decreases the expenses associated with traditional record-keeping methods.
Amid the announcement, the Uniswap price surged around 12% to reclaim the $7 mark.
By incorporating regulated digital asset securities, Prometheum’s move is expected to enhance the attractiveness of Uniswap’s coin for both institutional and retail investors.
UNI Price Nearing Major Breakout
In simpler terms, the daily chart for Uniswap suggests the emergence of a “falling wedge” pattern. This pattern is created by two gradually converging downward sloping lines, signifying a gradual decrease in the price of UNI since March 2024.
In the midst of a notable surge, the price of UNI climbed from $4.7 to $7, marking a 50% increase. This rise has just broken through the 20-day Exponential Moving Average, which is a significant hurdle that often indicates a shift in short-term market attitude.
If the final candle for the breakout ends below the $6.5 mark, there’s potential for aggressive buyers to initiate a 15% surge towards $8, aiming to breach the resistance of the wedge pattern. The bullish situation arising from the MACD (represented by the blue line) crossing above the signal line (orange) suggests that the momentum is shifting towards the buyers, indicating a stronger rally ahead.
As a crypto investor, I’m excited about the possibility of a significant shift in the trend for Uniswap (UNI)! If we see a breakout above the current resistance trendline, it could signal a major reversal in its trajectory. This breakout might propel the UNI price to reach $12 initially, and if the momentum continues, it could even extend to $17 in the near future.
As an analyst, I’d interpret the situation differently: When Uniswap’s trading price dips below both the 100-day and 200-day Exponential Moving Averages (EMA), it suggests the overall trend is still bearish. If a breakout attempt from the wedge resistance fails, this would postpone the breakout theory and indicate that the downward momentum is likely to persist further.
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2024-08-21 23:10