Uniswap (UNI) hit its All-Time Low against Bitcoin in August 2024, a key moment in its trading history. However, the bounce in prices above critical support levels lately signals a bullish reversal.
Besides, this recovery suggests that long-term UNI holders might be positioned for substantial gains. Analyst Alana Santana provided an analysis of this trend, emphasizing the potential upside for those who buy at the low prices.
Understanding the All-Time Low and Its Implications
The price of Uniswap first hit an ATL in April 2024, and an even lower one later overtook it in August 2024. The market action lately has showed a reversal despite this negative trend, with UNI rising above the lows in both August and April 2024.
This movement is a crucial clue that suggests a positive trend may be emerging and that the market may have bottomed out.
According to Santana’s data, the lowest UNI price level was observed in November 2020, prior to 2024. This protracted decline, which reached its apex during the bull market in May 2021, creates the conditions for a possible upturn.
When the market bounces back, Santana believes that investing at these cheap prices and sticking onto them for the long run could produce big profits.
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Show more +Show less – Potential for a Bullish Reversal
Despite the extended bearish phase, the current bounce back above the previous lows suggests a bullish reversal. Santana’s analysis focuses on the historical context, noting that after an extended downtrend, the likelihood of a reversal increases.
The chart provided by Santana also identifies key Fibonacci retracement levels that could act as potential resistance points as UNI’s price moves upwards.
The chart outlines potential price targets, with the ultimate goal being around 0.0006428 BTC, representing a 613.39% increase from the current price. This forecast is based on historical trading patterns, where price recoveries have followed prolonged depressions.
Source: Alan Santana
Santana’s analysis also emphasizes that high volume and market sentiment, which were present during the peak in May 2021, could return and fuel UNI’s upward momentum.
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Expert’s Buy Low, Sell High Strategy
Santana advocates investing in the long run, advising traders to buy when prices are low and sell when prices are high. This contrarian approach aligns with the current market conditions, where UNI is trading at historically low levels.
By entering the market now, investors could position themselves to capitalize on a potential bullish trend, especially when market euphoria returns. Santana reassures investors that timing the market is crucial, and entering during periods of low prices could lead to gains.
The recent recovery in UNI’s price suggests that the worst may be over, and those who hold through the market’s shifts could see rewards as the price potentially reaches new highs.
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The post Uniswap Against Bitcoin Signals Bullish Reversal After Hitting All-Time Low – Why Long-Term UNI Holders Could See Big Gains appeared first on CaptainAltcoin.
