Leading crypto analyst Nicholas Merten creates bullish scenarios for UNI, the native cryptocurrency of the decentralized exchange Uniswap.
In a new video, Merten tells its 463,000 YouTube subscribers that UNI / Bitcoin is currently bouncing off an important level of support.
“Uniswap has generally held up, albeit with a few exceptions where the wicks break a little deeper. Every time we come within that range [0.0005 Bitcoin (BTC) or $16], Buyers come in. The price doesn’t stay below that line for long, and in fact buyers come in and drive the price up. “
Merten points out that he believes UNI / BTC is in a mid-cycle correction as the pair does not yet have to press a bearish lower low, signaling a potential turnaround.
The prominent crypto strategist is also planning two bullish scripts for UNI / BTC. Merten sees the pair making a new all-time high above 0.0009 BTC, worth about $ 30 at the time of writing, by the fourth quarter of 2021.
“We’d want to see [UNI/BTC] Bet on a higher low … so you could get there if we break higher than this range [0.0007 or $23.74] during July. We’re coming back down. We may set a higher range of support … and then we start moving up, revisiting those previous highs on Bitcoin and starting to surface higher …
It could be that we set a lower high, set a higher low, and then eventually claim a higher price area. ”
Another pair of coins on Mertens Radar is Litecoin (LTC) versus Bitcoin. According to the analyst, LTC / BTC is forming a bullish pattern that could potentially end its downtrend.
“What we have here with LTC / BTC is that you have a descending wedge. It sounds bearish, but in fact a descending wedge tends to be very bullish as the highs fall faster than the lows or the support range. So buyers come in, albeit at a lower level, but they come in ever shorter intervals. “
Merten says there’s a good chance 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 over its longstanding support against Bitcoin (LINK / BTC).
“You can see here that Chainlink has just got back on a line of significant support. It withdraws. It cools down. It comes in the area that is generally a discount area … In this area [it] tends to have people come in and drive up the price. “
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