After seeing a huge potential in the future of decentralized exchanges, investors have piled into the native tokens of some of the most popular DEX like Pancakeswap (CAKE) and Uniswap (UNI).
These platforms are expected to gain popularity as the world transitions to full decentralization. When looking at the 2023 price prediction for CAKE and UNI. Will Pancakeswap be a good investment in 2023? Or will Uniswap win?
Read to the end to find our secret star investment of 2023 that we don’t think will remain secret for very long!
Pancakeswap (CAKE) Price Analysis
Analysts have said that Pancakeswap (CAKE)’s recent recovery will not stage a rally to $10 any time soon.
However, price charts reveal an impressive improvement in CAKE’s price last week. The 24-hour chart shows a 3.34% hike for the day, while the 7-day timeline had a more solid recovery by 9.96%. The coin is now up 46% in the last 3 months, thanks to the increased appetite for DEX tokens lately.
However, analysts dismiss bullish price predictions on CAKE reaching $10 this month. Using the Fibonacci retracement tool, our technical analysis suggests the token could not go further than $5.74.
Moreover, such a level is also a resistance line that has historically sent prices to an extended bearish streak and multi-month bottom at $2.52. With this, the take profit signal is at $5.00, where it is best to exit the trade at this level.
Is CAKE a good investment for 2023? We think it has potential but there are better candidates.
Uniswap (UNI) Price Analysis
Uniswap (UNI) is one of the best-performing cryptocurrencies following a solid 6% hike during the day. Overall recovery during the week stands at 5.23%, but monthly charts suggest that the coin is still down almost 23%.
The latest charts show UNI exchanging hands at $6.80 having just hit an intraday high found at $7.0. Although there has been an obvious resistance to the round figure and the RSI shows that UNI buyers are starting to come to the coin’s rescue.
We can see prices hitting $7.50 before taking it all the way up to $9.6 if the bulls continue to take the lead. On the downside, a massive selloff of $7.00 will drive UNI to $6.20 support. The price could fall to $5.70 if the sentiment does not improve from the $6.20 level.
Our Uniswap price prediction for 2023? We don’t think Uniswap will be the best crypto investment of 2023.
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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Source: https://cryptodaily.co.uk/2022/09/decentralized-exchange-tokens-pancakeswap-cake-and-uniswap-uni-lose-sparkle-over-a-new-coin