- Analyst claimed UNI’s rally might stretch for another 2-3 days, possibly reaching $10
- Uptick came as a relief for the token after its battle with regulators
Decentralized finance (DeFi) token Uniswap [UNI] spiked by 7.2% in the last 24 hours of trading, as the crypto-market began to witness upside volatility associated with Bitcoin’s [BTC] halving.
Trading volumes also hiked by 15%, with more than $181 million in UNI exchanging hands in the 24-hour period, according to CoinMarketCap.
Will UNI’s fortunes shift?
The uptick came as a relief to token holders, who had watched their UNI portfolio plummet by 30% over the past month. And, if forecasts by analysts are to be believed, they might be in for more gains in the short term.
Popular crypto-market analyst Ali Martinez spotted a buy signal for the token through the TD Sequential indicator. This led him to predict that UNI’s rally might stretch for another 2-3 days, possibly hitting $10 on the charts.
Owing to the halving, investors have started to put money back in the crypto-market. UNI, which was launched after last halving, gained in strength and eventually exploded to its all-time high (ATH) the following year.
Market sentiment looks positive
Meanwhile, the price pump galvanized UNI’s Futures market as well, with the Open Interest (OI) rising by 6.4% in 24 hours, according to AMBCrypto’s analysis of Coinglass’ data.
Typically, a rise in price followed by a rise in OI signals new money coming into the market and is a confirmation of the uptrend.
Source: Coinglass
UNI’s market sentiment was leaning towards greed at press time, according to AMBCrypto’s analysis of Hyblock Capital’s data. This could add to the buying pressure in the days ahead, and support UNI’s march to $10.
Source: Hyblock Capital
Realistic or not, here’s UNI’s market cap in BTC’s terms
Uniswap’s ecosystem has been battling regulatory challenges after getting hit by a Wells notice from the U.S. Securities and Exchange Commission (SEC) earlier in the month. While Uniswap claims it is prepared to fight the legal battle, community members will be happy to see how well UNI is doing.
