On Friday, Uniswap’s price saw a 1.7% rebound, reaching $6.67. This bullish shift comes after a broader market cooldown following the recent sell-off triggered by geopolitical tensions in the Middle East. While many major cryptocurrencies may face challenges maintaining momentum, UNI appears well-positioned for a sustained recovery due to its strong dominance in the decentralized exchange (DEX) market.
Can UNI’s $33B DEX Volume Spark Uniswap Price Rally Toward $10?
Uniswap (UNI) solidified its position as the leading decentralized exchange (DEX) in September 2024, capturing a 70% market share. The platform records a massive surge in trading volume, amassing $33 billion—a 59% increase from the previous month.
The performance highlights Uniswap’s dominance in the decentralized finance (DeFi) space and highlights user engagement. The increasing network actively could drive demand pressure for Uniswap coin price.
According to Santiment data, the UNI supply held by top addresses has remained stable at around 50.7% since April 2024. This lateral movement hints at the HODL behavior by major market participants, indicating their confidence in the asset’s future potential.
Over the past month, @Uniswap ( $UNI ) had the higheSANst trading volume among all DEXs, with a 70% market share.
This amounted to $33B in trading volume, marking a 59% increase compared to the previous month. pic.twitter.com/Ltf6TQVzrI
— Satoshi Club (@esatoshiclub) October 4, 2024
Moreover, the UNI supply on exchanges has declined for the past six months and has now plunged to 75 Million coins. The decrease indicates the investors’ activity in withdrawing coins from exchanges, reducing the market’s selling pressure.
In the last two months, the Uniswap price steadily recovered from $4.7 to $7.86— accounting for 67.3% growth. Interestingly, this recovery resonated strictly within the two converging trendlines, indicating the formation of inverted flag patterns.
With an intraday gain of 2.3%, the UNI price rebounded from the flag’s lower trendline. The potential reversal could push the asset 22% to challenge the overhead trendline at $8.2. A possible breakout will accelerate the recovery momentum and push the asset to $8.6, followed by $10.
On the contrary, if Uniswap price breaks below the bottom trendline, the selling pressure will intensify to extend correction to $
Frequently Asked Questions (FAQs)
Uniswap recorded $33 billion in DEX trading volume, representing a 59% increase from the previous month. This surge, along with strong user engagement, hints at the potential for UNI to rally towards $10.
Uniswap’s recent recovery is forming an inverted flag pattern, signaling a potential 20% surge before challenging the major resistance
Uniswap’s price rebounded by 1.7%, reaching $6.67, following a broader market cooldown triggered by geopolitical tensions
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/unis-33b-dex-volume-uniswap-price-10/
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