Trader Eugene: Bullish on UNI, will need to reassess if price drops below $6.5

BlockBeats News, November 17th, trader Eugene Ng Ah Sio posted on his personal channel stating, "Bullish on UNI. Since October 10th, various altcoins have experienced a significant pullback, and I believe most of the medium-term selling pressure has ended. Almost all investors looking to cut losses have exited after five consecutive weeks of pullback.

I believe that in a market rebound scenario, altcoins with strong fundamentals will outperform the overall market, and Uniswap has become the market focus due to the latest fee adjustment. Uniswap has several unique selling points:

1. Previously minimal fund position: Considered uninvestable by funds due to equity/token holder conflicts and VC sell-offs.

2. Leader in fee narrative: The latest fee adjustment and the team's 180-degree shift from supporting project teams to supporting token holders have made it the narrative focus.

3. Price close to the level before the fee proposal announcement.

Overall, I believe that if the major market cap coins find a bottom in the short term, UNI is likely to outperform in the coming weeks. If the price falls below $6.50 (the level before the fee proposal announcement), then the viewpoint is invalidated."