A well-known cryptocurrency trader has indicated that the decentralized exchange Uniswap (UNI) is showing signs of a short-term bullish trend. According to analyst Ali Martinez, the Tom DeMark Sequential indicator has recently provided a buy signal for UNI on the daily chart. Martinez suggests that this could mean the asset is preparing for a rally lasting 1-4 days, with a potential price target of $10.

The TD Sequential Indicator is commonly used by traders to predict potential trend reversals for tokens, based on the closing prices of the previous 13 bars or candles.

At the time of writing, UNI is trading at $7.49. As the 23rd-ranked crypto asset by market cap, it has seen a 3% increase in the past 24 hours.

Martinez also highlights a significant drop in Cardano’s (ADA) Market Value to Realized Value (MVRV) ratio, which has fallen below -22%. He notes that the last time ADA’s MVRV ratio dipped below this level, the price of ADA increased by over 75%. With the ratio now back under -22%, Martinez suggests that another impressive rebound could be on the horizon for Cardano.

The MVRV ratio compares ADA’s market capitalization to its realized capitalization, which is the value of all ADA at the price they were bought. This ratio is used to determine whether a crypto asset is undervalued or overvalued.

Currently, Cardano is trading at $0.472, showing a 2.5% increase in the past 24 hours. As a smart contract platform, Cardano continues to gain traction in the market.

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