- Uniswap successfully processed 200 million unique transactions, hitting a key milestone for the UNI ecosystem.
- Uniswap exchange ranked first among DEXes, taking the lead with $391 million in 24-hour trade volume.
- UNI broke out of its multi-month downtrend, recovering from the losses incurred following SEC crackdown in June.
Uniswap, the token of one of the largest decentralized exchanges (DEXs) in the crypto ecosystem, is likely gearing for a recovery in its price. The DEX has observed a large spike in trade volume since Tuesday and successfully processed a total of 200 million unique transactions.
Both key milestones are likely to act as a catalyst for UNI in its price recovery.
Also read: Analyst predicts XRP price rally to new all-time high of $9
Uniswap sees two bullish catalysts in a row, price recovery is likely
Two developments in the Uniswap ecosystem are likely to act as bullish catalysts for UNI in the short term. The DEX successfully processed 200 million unique transactions, signaling rising adoption and utility for traders in the crypto ecosystem. Uniswap informed crypto market participants of the milestone in a recent tweet:
Now that’s a whole lot of swapping
— Uniswap Labs (@Uniswap) July 5, 2023
Uniswap Protocol has officially seen 200M unique transactions pic.twitter.com/1TO3MyIphx
The second likely driver of UNI recovery is the rising trade volume on the decentralized exchange platform. Uniswap ranked first in the list of the top 10 DEXs on the Ethereum chain with a 24-hour trade volume of $391 million. The exchange is closely followed by Balancer V2 and Curve, with trade volumes of $174 million and $105 million, respectively.
Top 10 DEXes on #Ethereum by 24H Volume
— GeckoTerminal (@GeckoTerminal) July 5, 2023
Uniswap V3 takes the lead with $391M in 24hr volume, followed by Balancer V2 ($174M) and Curve ($105M).
Is your favorite DEX on the list? pic.twitter.com/3kNtzwNDBE
UNI price analysis
Uniswap price is in an upward trend after breaking out of its multi-month downtrend. UNI price nosedived from $5.025 to $4.056, a nearly 20% decline from June 5 to June 12, hitting an intraday low of $3.630. Since then, the DEX token has recovered and UNI price is $5.399 at the time of writing.
UNI/USDT one-day price chart on Binance
The 200-day Exponential Moving Average (EMA) at $5.676 is acting as resistance for UNI in its uptrend. UNI price has recovered from SEC crackdown. Equal lows at $5.201 is likely to act as support for the DEX token.
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