The Uniswap price has been having a strong momentum in the past few days. UNI has surged by more than 45% since April 18. Its market cap has also surged to more than $20.7 billion and is the 9th-biggest cryptocurrency in the world. It is not alone. PancakeSwap price has surged by 57% in the past 7 days, making it the 22nd cryptocurrency in the world.
Cake vs Uni price performance
What is Uniswap? Uniswap is a large Decentralized Finance (DeFi) product that is categorized in the DEX sub-sector. It is developed based on the Ethereum blockchain and is now the biggest DEX in the world. According to DeFi Pulse, Uniswap has a total value locked of more than $6.48 billion, making it the fourth-biggest DeFi project in the world.
What is PancakeSwap? PancakeSwap, on the other hand, is a DEX that is powered by the Binance Chain network. The two DEXes do the same thing. They hep people to exchange and trade their coins easily. The only difference is that Sushiswap replaces the order book with the automated market making, which use smart contracts to manage liquidity pools of tokens.
CAKE price prediction
Turning to the four-hour chart, we see that the PancakeSwap price has been on a strong upward trend lately. It remains above the 25-day and 15-day exponential moving averages (EMA) and the important resistance level at $29.51. The price has also formed a bullish flag pattern that is shown in black. Therefore, in the near term, we cannot rule out a situation where the currency bounces back as bulls target the next key resistance at $40, which is 17% above the current level.
Uniswap price prediction
In my last article on Uniswap price, I predicted that its price would surge and hit $40. This prediction was true as the price surged to $40.65 earlier today. Like PancakeSwap, it has also surged above the moving averages and the key resistance at $40. Therefore, I predict that the price will have a minor pullback as many bullish traders take profit. This could see it drop by about 8% to $36.85. This pullback will be necessary for the currency to keep rising.
UNI price chart
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Cryptocurrency exchange with over 150 coins. As of Jan 18, Binance was the world's largest cryptocurrency exchange per volume.