A widely followed crypto analyst claims that Uniswap (UNI) is poised to break out into a significant uptrend. Namely, anonymous crypto trader Rekt Capital told his 371,600 followers on social media platform He indicated the following:“Uniswap is on the verge of breaking out of this macro market structure. It needs to break the top of this pattern and recapture it as support to enter a new macro uptrend.”
Uniswap is trading at $6.25 at the time of writing, just above the trader's diagonal resistance. The trader also noted that the stablecoin Tether (USDT) is declining in overall market capital dominance of crypto, indicating that holders are exchanging the stablecoin for Bitcoin (BTC) and other risky digital assets. Rekt Capital had the following to say about this:
“USDT dominance is decreasing. Investors are becoming more risk-seeking, wanting to move away from stablecoins to BTC and altcoins. Tolerance for risk is growing and the rotational behavior is evident. Lose blue as support and this psychological trend will continue.”
Finally, the trader said that Bitcoin is about a third of the way into its current bull market cycle, similar to other pre-halving years in 2019 and 2015. BTC's next halving, which will see miner rewards halved, will be expected in April 2024.
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