Trader Eugene: Bullish on UNI, but a reassessment is needed if it falls below $6.50.
TL;DR
Trader Eugene is bullish on UNI, citing reduced selling pressure and strong fundamentals from fee adjustments. He expects UNI to outperform if major cryptos bottom out, but will reassess if price drops below $6.50.
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On November 17, trader Eugene Ng Ah Sio posted on his personal channel, "I am bullish on UNI. Since October 10, various Altcoin have experienced a huge pullback, and I believe that most of the medium-term selling pressure has ended. Almost all investors who wanted to cut their losses have exited the market after five consecutive weeks of pullbacks."
I believe that in a market rebound, Altcoin with strong fundamentals will outperform the market, and Uniswap has become the focus of market attention due to its latest fee adjustments. Uniswap has several unique selling points:
1. Previously had almost no fund positions: Due to conflicts among equity/token holders and VC sales, it was considered uninvestable by funds.
2. Leading the revenue narrative: The latest fee adjustments and the team's 180-degree strategy of shifting from supporting project teams to supporting token holders have made it the focus of the narrative.
3. Prices are close to levels before the fee proposal was announced.
In summary, if major cryptocurrencies find a bottom in the short term, I believe UNI is likely to outperform in the coming weeks. However, this view will be invalidated if the price falls below $6.50 (the level before the fee proposal announcement).