DEXs with cross-chain solutions will be crucial to adoption since DeFi is expected to continue growing after market conditions settle. Following regulatory crackdowns and CEX misuse of funds, interest in DEXs has increased.
DeFi may still be evolving, but regardless of the chain it operates on, it is clear that innovators must develop strategies to close the gap between DEXs. We are currently witnessing a paradigm shift, with DeFi projects offering their products on many blockchains while others introduce interoperability solutions. Fortunately, it seems that some players are now rising to this call. Let’s look at a few DEX tokens now
Top 10 DEXs generated a total of $274.0 billion in spot trading volume in Q2 2022, translating to an average monthly volume of $92 billion. With a combined market share of almost 60% across all chains, Uniswap DEX is the market leader in DEXs. The native token of Uniswap, UNI, will be listed on the trading app Robinhood. But recently, a sophisticated phishing attempt cost them close to $8 million. Let us look at the UNI price levels.
If UNI is unable to pass the $7.8 resistance level, it can retreat to the significant support level of $6.42. In the short term, UNI must break through the $7.80 resistance level in order to go to the $9.70 substantial resistance level. For the mid-term to remain bullish, UNI must maintain a price above the $7.8 barrier level.
Sushiswap, one of the top five DEXs on the market, presently handles weekly average transactions worth more than $300 million. SushiSwap alone was solely in charge of producing more than $1.8 billion in volume in June 2022.
The DEX market has the potential to generate a sizable carbon footprint when taking into account the total number of exchanges. By working with KlimaDAO, the same DAO that assisted Polygon in becoming carbon neutral last month, SushiSwap is taking action against this in its own manner. Let’s look at the SUSHI price levels.
The $1.48 resistance level was recently tested by SUSHI, however it was unsuccessful in closing above it. You might test again the $1.26 or $1.00 support levels. If the bulls break through and close over the $1.48 resistance level, they may go for the $1.65 and $1.81 important resistance levels for SUSHI.
The QuickSwap, a DEX, utilizes the Polygon layer 2 scaling network. It is a fork of Uniswap. So It performs many of the same tasks and, aside from a new color palette, has a very similar user interface. The identical ERC-20 tokens are even supported. Limit orders and yield farms are among the extra features that QuickSwap provides, although its liquidity is still much lower than Uniswap’s. Let us look at the QUICK price levels.
The crucial support level of $97.20 was not held by QUICK. The following several days or weeks will see resistance at this price level. For the time being, some support is around the $77.60 price level. For a short-term bullish trend to prevail against downward momentum, QUICK must surpass the $97.20 level. If it breaks through, $113.10 will be the next level of resistance.
And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.