By Franklin Smith
The DEX (decentralized exchange)-Coinbase app integration remained a significant move within the crypto market. The development was to offer customers of the 2nd-largest crypto exchange exposure. Nevertheless, the leading DEX, Uniswap, could not capitalize on the announcement.
Uniswap Seems to Need More
You might term its absence of demand or bearish market impact, but the mentioned development didn’t benefit UNI. The platform’s transaction volume after and before the announcement saw a bare $100M effect.
The DEX has seen declines (in the month), plunging from $7B on June 13 to below $2B during this publication. Moreover, Uniswap’s 24hr volume stayed at or beneath $1 billion within the week and since the analyzed announcement.
Besides that, Uniswap recorded a $4.1 billion cumulative transaction volume within the past five days. Such developments might see Uniswap’s transactions amounting to beyond $25 billion by month-end.
That would represent a 45% slump in volume from the previous month when Uniswap generated (singlehandedly) $46.3B via the decentralized exchange.
UNI Outlook
Nevertheless, July 4 saw the altcoin on an 8.7% surge, inching towards the crucial 23.6% FIB support. Also, UNI tried to regain its support floor as June ended but failed to keep the rally.
Meanwhile, the RSI (Relative Strength Index) still hangs in bullish territory, maintaining recovery possibilities. That remains crucial for Uniswap to reclaim some market control with its impressive growth. Meanwhile, Uniswap will likely see surged demand after improved market conditions, with its adoption at a 4-month peak.
Meanwhile, the cryptocurrency market struggles within bearish conditions. Bears have confirmed their presence, invalidating minor upticks within the space.
For instance, they have dragged BTC beneath the $20K mark after the bellwether crypto climbed beyond the mark. While publishing this content, Bitcoin traded at $20,219.6, gaining 1.58% over the past day.
The broad market flashed minor uptrends following somewhat improved sentiments within the last couple of hours. The global cryptocurrency market value confirms the slight leg ups, surging 0.68% within 24 hours to $908.74 billion.
However, that doesn’t mean the end of market turmoil. Market trends remain weak, and downswings might showcase again.