Uniswap (UNI) trading volume soars as DEXs see increased traction
Decentralized exchange Uniswap presents an impressive performance, with its trading volume hitting seven-month peaks. That comes as DEXs gained surged interest in November .
DEXs are gaining traction again.
Trading volume on DEXs is up by 42% in the past 30 days.
I compared the top 10 DEXs by volume and their tokens.
I found @QuickswapDEX to be 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
Further, the traction towards decentralized exchange skyrocketed since Binance’s CZ stepped down after violating United States anti-monetary laws. Changpeng Zhao’s exit continues to create ripple in the crypto market.
Uniswap’s $16.50 billion 30-day trading volume nears April’s value of $16.62 billion. The metric jumped over 20% in the past day to $713 million and will potentially outshine April figures by November-end.
Uniswap price
Uniswap price trades in a consolidation mode at press time. UNI changed hands at $6.12 after a slight action within the previous day. Meanwhile, its substantial uptick on 22 November catalyzed stable upswings that saw prices hit $6.60 as of 24 November. The alt painted its seven-day price chart green following a 20% increase.
The altcoin remained elevated since October, overcoming a crucial resistance last week.
The descending resistance has prevented UNI uptrends since April 2022. The hurdle triggered an upside rejection in July 2023 before the October support level retest welcomed an extended surge for the token.
The 7-day Relative Strength Index read above the neutral 50, highlighting a bullish edge. Furthermore, the increasing trading volume will likely bolster UNI’s trajectory. Analysts believe the altcoin is poised for solid surges.
$UNI Macro Trendline Breakout is Already Confirmed..✅
Looks Promising for the 2x Bullish Rally in the Midterm.
Buy & Hold with the Patience, You’ll Thank me later. ✍️#Crypto #UNI #Uniswap pic.twitter.com/nuZrIZXjy2
— Captain Faibik (@CryptoFaibik) November 27, 2023
Captain Faibik points out a potential 2x rally for Uniswap in the mid-term following a breakout confirmation. He advises holders to remain patience for potential bull runs.
Continued platform developments and broad market developments remain crucial for shaping UNI’s future price outlook.
The post Uniswap (UNI) trading volume soars as DEXs see increased traction appeared first on Invezz