One Ethereum (ETH) altcoin is gaining attention from traders due to its strong fundamentals and potential for an upward move. The Flow Horse, a pseudonymous analyst also known as Cantering Clark, believes that the decentralized exchange Uniswap (UNI) could be on the verge of an uptrend.
Cantering Clark notes that UNI is showing signals that suggest it is ready to start moving upwards. After spending a significant amount of time consolidating, Cantering Clark sees UNI as a blue-chip asset and plans to start buying it. He points out that UNI is now trading above the 200-week moving average and weekly momentum oscillators are starting to pick up.
At the time of writing, Uniswap is trading at $6.54, representing a 1.54% increase in the past 24 hours.
In addition to Uniswap, Cantering Clark also shares his thoughts on Bitcoin (BTC). He previously predicted that BTC would experience a significant correction, but now believes it is unlikely to happen in the near term. He suggests that there may not be much price action until there are further developments on Bitcoin exchange-traded fund (ETF) applications, which could potentially occur in August.
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Cantering Clark mentions that his options bet on BTC, which had a $26,000 strike OTM, feels like a waste at the moment. He expected some volatility and risk to reprice, allowing him to exit the trade during an overreaction. However, he sees no significant derivatives positioning or willingness for spot sellers to start sweeping the bid.
The trader is closely monitoring the Bitcoin implied volatility index, which currently indicates that BTC’s volatility level is at 34.16%. This is the lowest level in years, and Cantering Clark believes that it could indicate that Bitcoin is setting up for a significant move, although he does not specify the direction.
Bitcoin is currently trading at $29,204, with a 0.2% increase in the last seven days.
These insights from Cantering Clark highlight the potential for an uptrend in UNI and the current low volatility in the Bitcoin market. Traders and investors may take these factors into consideration when making their own trading decisions.
It is important to note that the opinions expressed by Cantering Clark are not investment advice. Investors should conduct their due diligence and consider their risk tolerance before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
Please be advised that all transfers and trades are at your own risk, and any losses incurred are your responsibility. It is recommended to consult with a professional financial advisor before buying or selling any cryptocurrencies or digital assets.
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