Crypto analyst Rekt Capital, Uniswap (UNI) price is on the verge of entering a significant uptrend. believes.
Sharing on social media account
Uniswap is on the verge of a breakout from this macro market structure. To enter a new macro uptrend, this formation needs to break the top and reclaim it as support.
As Koinfinans.com reported, Uniswap is trading at $6.25 at the time of writing and is slightly above the cross resistance stated by the trader.
The trader also noted that, noticing that the stablecoin Tether (USDT) is decreasing in dominance of the total crypto market cap, its holders are replacing the stablecoin with Bitcoin (BTC) and other risky digital assets.
USDT’s dominance is waning. Investors are seeking more risk and are becoming eager to move from stablecoins to BTC and altcoins. Tolerance to risk increases and rotational behavior becomes clearer. If we lose blue as support, this psychological trend will continue.
Finally, the analyst says Bitcoin is about a third of the way through its current bull market cycle, similar to other pre-halving years in 2019 and 2015. The next BTC halving, in which miners’ rewards are halved, is expected to occur in April 2024.
BTC bull market Progress: 28.0%
