In this daily upturn, DEX cryptocurrencies have been a hit in the market. They recorded spectacular growth during this trading session. Uniswap, a major leader in the sector, saw its price increase by 8.80%. The value of PancakeSwap also increased by 7.09%. SushiSwap panics the counters; its price is up 20.67% at the time of this writing.
Global market rise carries DEX
The market experienced 7 days of decline caused mainly by the over-liquidation of bitcoin derivatives. Since the day before yesterday, the market gives the impression of a reversal of the weekly downtrend. This turnaround was confirmed yesterday. The overall value of the cryptocurrency market has gained 2.98%. Bitcoin is back to the $ 48,000 mark and Ethereum is far above $ 3,500.
This overall increase was supported by strong purchasing volumes. According to data provided by Coinmarketcap, the trading volume on the exchanges has grown a lot in the past 24 hours. Uniswap, PancakeSwap and SushiSwap posted a respective volume growth rate of + 7.7%, -2.49% and + 30.45%.
DEX tokens to earn airdrops
Airdrops are one of the ways to earn free cryptocurrency in the market. According to Brendon Murray, Marketing Manager for Flipside Crypto, Uniswap token holders missed the opportunity to earn 9.15 million Mirror Protocol (MIR) tokens last December. On that date, They would have picked up the trifle of $ 30 million. According to Cointelegraph, the stakers would have been more pleased as MIR’s staking efficiency increased by 200%.
Mirror Protocol is one example, but there are dozens of other crypto projects that offer specific airdrops to DEX Crypto Holders. So those who have it have all the interest to be able to keep them in order to take advantage of “free crypto” offered by the new nuggets.
The graphic element reinforces this trend: Case of Uniswap
Hourly Chart – Evolution of the Uniswap price on the stock exchange
By analyzing Uniswap’s hourly chart, we can observe during yesterday’s session a Golden Cross formed between the 20-day moving average and the 200-day moving average. This bullish technical signal allowed the value of Uniswap to gain almost $ 4 which represents 14% of the rise in the price of the crypto. Still, traders are hopeful that Uni’s bullish trend will allow it to quickly attack the $ 30 so it can cross its ATH at 44.92%.
The enthusiasm for Uni’s tokens returns as the RSI is around 71.19 in hourly data. Even when looking at the Uniswap chart on a daily basis, the RSI is admittedly smaller but trending upward. The Fibo retracement shows us that the $ 30 is in the crosshairs but however a return to $ 25 is also to be considered.
However, for a DEX like SushiSwap, the excitement of traders is much more important. Sushi’s RSI is estimated at 82.36 hourly. Moreover, crypto is one of the most sought after on Coingecko at the time of writing this article.