Top crypto analyst Nicholas Merten is mapping out bullish scenarios for UNI, the native cryptocurrency of the decentralized exchange Uniswap.
In a new video, Merten tells his 463,000 YouTube subscribers that UNI/Bitcoin is currently bouncing from a key support level.
“Uniswap has been generally holding, albeit for a few exceptions where the wicks break a bit lower. Every time we get towards this range [0.0005 Bitcoin (BTC) or $16], buyers come in. Price doesn’t live below this line very long, and in fact, buyers come in and drive the price higher.”
Merten highlights that he believes UNI/BTC is in a mid-cycle correction as the pair has yet to print a bearish lower low setup, signaling a potential trend reversal.
The prominent crypto strategist is also plotting two bullish scripts for UNI/BTC. Merten sees the pair printing a new all-time high above 0.0009 BTC, worth about $30 at time of writing, by the fourth quarter of 2021.
“We’d want to see [UNI/BTC] set in a higher low… So you might get it where we break higher than this range [0.0007 or $23.74] over the course of July. We come back down. We maybe set a higher support range… And then, we start moving higher, revisiting those previous highs against Bitcoin, and start popping up higher…
It could be we set in a lower high, setting a higher low, and then eventually claim higher price territory.”
Another coin pair on Merten’s radar is Litecoin (LTC) against Bitcoin. According to the analyst, LTC/ BTC is forming a bullish pattern that could potentially end its downtrend.
“What we’ve got here with LTC/BTC is that you’ve got a descending wedge. It sounds bearish, but actually a descending wedge tends to be very bullish because the highs are falling at a faster rate than lows or the support range. So buyers are coming in, albeit lower levels, but they’re coming in at shorter and shorter intervals.”
Merten says there’s a good chance that LTC/BTC will break its diagonal resistance around 0.0038, worth about $130, before exploding.
As for Chainlink, Merten says the decentralized oracle network is currently hovering above its long-trend support against Bitcoin (LINK/BTC).
“You can see here that Chainlink has just come back down, yet again, on a line of significant support. It’s pulling back. It’s cooling down. It’s getting into what’s generally a discount range… At this range [it] tends to be that people come in and drag the price higher.”
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun
