Decentralized exchange Uniswap presents an impressive performance, with its trading volume reaching seven-month peaks. This comes as DEXs gained huge interest in November.
DEXs are gaining ground again.
Trading volume on DEX increased by 42% in the last 30 days.
I compared the top 10 DEXs by volume and their tokens.
I found that @QuickswapDEX is the most undervalued Dex token based on FDV/7D volume metrics, followed by @orca_so and @TraderJoe_xyz. pic.twitter.com/BMj2aNwaSU
– hitesh.eth (@hmalviya9) November 16, 2023
Furthermore, traction towards the decentralized exchange has skyrocketed since Binance’s CZ resigned after violating US anti-monetary laws. Changpeng Zhao’s departure continues to create a stir in the cryptocurrency market.
Uniswap’s 30-day trading volume of $16.5 billion is close to April’s value of $16.62 billion. The metric jumped more than 20% in the last day to $713 million and will potentially eclipse April’s numbers by the end of November.
uniswap price
Uniswap price is trading in consolidation mode at the time of this publication. UNI changed hands at $6.12 after slight action the previous day. Meanwhile, its major rally on November 22 catalyzed stable rallies that saw prices reach $6.60 on November 24. The alt painted its seven-day price chart green following a 20% rise.
UNI 7D Chart on Coinmarketcap
The altcoin has remained elevated since October, breaking through crucial resistance last week.
Downward resistance has impeded UNI’s bullish trends since April 2022. The hurdle triggered an upside rejection in July 2023 before October’s retest of the support level welcomed a prolonged rally for the token.
The 7-day relative strength index is above the neutral 50, highlighting a bullish advantage. Furthermore, the growing trading volume will likely strengthen UNI’s trajectory. Analysts believe that the altcoin is poised to see sharp rises.
The breakout of the $UNI macro trend line is now confirmed… ✅
It looks promising for the double bullish rally in the medium term.
Buy and hold patiently, you will thank me later. ✍️#Crypto #UNI #Uniswap pic.twitter.com/nuZrIZXjy2
– Captain Faibik (@CryptoFaibik) November 27, 2023
Captain Faibik points to a potential 2X rally for Uniswap in the medium term following a breakout confirmation. He advises holders to be patient for potential bull runs.
Continued platform developments and overall market developments remain crucial in shaping UNI’s future price outlook.
The post Uniswap (UNI) Trading Volume Soars as DEXs See Greater Traction appeared first on Invezz
