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 .

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.

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.