As Bitcoin’s Upward Movement Becomes Scarce, Investors Are Moving To Altcoins Such As UNI

In recent weeks, investors have invested a lot of time and money in an effort to push Bitcoin’s price higher. They have attempted to move Bitcoin’s price into the strong bullish zone.

Each time Bitcoin has managed to cross the $20k barrier, multiple negative factors have proven their might against the bullish sentiments.

Therefore, every time, the bullish sentiments of the investors have lost to the strong selling sentiments of the bears. This is the reason why even after so many weeks of struggling, Bitcoin is still trading below the $20k barrier.

Performance of Altcoins

Then come the altcoins that have been performing better than Bitcoin lately. The level of resilience of the bulls for the altcoins is much stronger than the Bitcoin bulls.

While Bitcoin is mainly moving into the bearish territory, altcoins seem to be performing much better. They are witnessing stronger rallies and gains making them promising and highly attractive to investors.

Looking at the potential of altcoins, investors have now started shifting their attention from Bitcoin to altcoins. This is also very promising for investors as the trading prices of the altcoins are recording significant gains compared to Bitcoin.

Uniswap (UNI) is Performing Well

In the past few days, UNI has been performing well against the USDT. The trading price of UNI is currently trading and hovering over the moving averages.

This indicates that the bulls are in high spirits and their attempt is to keep moving toward the recovery of UNI. Based on the analysis of UNI, it is easy to say that the bulls have stronger sentiments and they may continue pushing UNI’s price higher.

The bulls are fighting the Bears with Strong Resilience

Just recently, the trading price of UNI rose over the $7 mark, which is the overhead resistance. However, the bears did not let the bulls stay over the mark for long and shot them down with greater selling power.

This caused a decline in the trading price of UNI bringing it down to $6.42. Although the bears wanted to cause another major decline in UNI’s price, the bulls have not let them do things their way.

Instead, the bulls have demonstrated strong buying sentiments keeping the bears at bay. As of now, the bulls are strongly defending UNI at $6.42 (20-day EMA) and their aim is to rebound its price to higher levels.

UNI to Surge to $8.67

At the moment, the bulls are focused on keeping the strong rallies intact and continuing their fight against the bears. If the bulls are able to prove their resilience, the bears will continue losing their control and confidence.

This would allow the bulls to not only cross the $7 obstacle but also push it to $7.36 and then to $8.67.