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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.
— hitesh.eth (@hmalviya9) November 16, 2023
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
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.
$UNI Macro Trendline Breakout is Already Confirmed..✅
— Captain Faibik (@CryptoFaibik) November 27, 2023
Looks Promising for the 2x Bullish Rally in the Midterm.
Buy & Hold with the Patience, You'll Thank me later. ✍️#Crypto #$UNI #Uniswap pic.twitter.com/nuZrIZXjy2
Captain Faibik 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.
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