theponzimaster

UNIUSDT - Trending sideways and may see a double bottom

Short
theponzimaster Updated   
BINANCE:UNIUSDT   UNI / TetherUS
The problem with $UNI is that it has a bullish case resting on one catalyst - 'Uniswap v3 launch'.

It really reminds me of LSKBTC back in the day. This was also supposed to mega-moon on the 'rebrand news', but then the rebrand simply got delayed, and delayed with no fixed date.

LSK basically just meandered to the downside for a while, and then when the news DID come, it was too late and the fireworks weren't worth the opportunity cost.

In the case of UNI - history doesn't repeat but it does rhyme. Hype wasn't sustainable and it was sold off to chase other DeFi nonsense.

Personally, I'm still bullish on $UNI as long as Uniswap keeps up its serious volume and remains the dominant force in crypto. Until that changes, this token will have it's day (eventually).

Where are we now?

2.5 mark - selling climax, will be bought hard if we go there again.

3.4 mark - important level as this is where uptrend first started - not good that it's resistance.

4.6 - 4.8 mark - will now be hard resistance to break, won't succeed at the first try.

The good news is that it's trending sideways and will likely be building a base over the next few weeks before attempting a climb upwards.

The bad news is that there may be a double bottom if we keep landing on the current support - remember levels get WEAKER the more they are tested.

My strategy:

I would look to be adding to $UNI between 2 and 3.4 as a long-term hold, with money that I can afford to write off. When Uniswap v3 lands we're re-testing 4.8 at the very least.

Uniswap v3 I expect to be released before EOY - assuming DeFi is cooling down, and the bubble isn't bursting here. Genuinely good projects like $CORE could be the answer.

Remember, any dev worth their salt will understand the nature of this market and are unlikely to squander great news during a market sell-off. We'll see market pick up FIRST.

Further predictions:

Uniswap v3 will have a clear purpose and incentive behind $UNI, that's not yet fully disclosed. They didn't launch this token for no reason - this is an ambitious project and they've seen what $BNB and Huobi token did for those exchanges. It's more than just a dumb airdrop.

Uniswap will adapt and evolve beyond the DeFi craze, just as Binance adapted beyond its original gameplan of offering an alternative to BIttrex (if you even remember Bittrex).
Comment: So are we just going sideways until V3?
Comment: RIP

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