Other DEX coins like Raydium (RAY) and Jupiter (JUP) on the Solana blockchain are also showing strong price upticks.
Pancake Swap informed in its official X account that trading volumes in May reached $100 billion as Bitcoin’s push to new all-time highs has drawn traders back into the market once again.
Similarly, Uniswap said that trading volumes on the Uniswap Protocol reached an all-time high of $10 billion while token swaps via layer-two Ethereum chains like Base and Arbitrum stood at $26 billion.
Data from DeFi Llama indicate that weekly volumes for Pancake Swap have surged by 123% while Uniswap experienced a milder 24% uptick.
Pancake Swap leads the chart as the largest DEX by 24-hour volumes, surpassing its peer by more than two times in the past 7 days.
The market’s recovery has aided this increase as USD-based volumes have surged alongside the price of cryptocurrencies.
During the week ended on May 18, DEXs processed weekly volumes of $136.2 billion, making it the third busiest week of the year for these protocols.
As trading volumes explode, how high can UNI and CAKE go? Let’s have a look at their recent price action.
UNI Could Rise to $7.85 After Trend Reversal
Uniswap has delivered monthly gains of 14% and has already consolidated a trend reversal after the price action broke through and retested its former second-best lower low.
This resulted in a change of character, meaning that the price trend changed from downtrend to uptrend.
UNI could now be eyeing its 200-day exponential moving average (EMA) as the next target. This indicator currently sits at $7.85, meaning that UNI this DEX coin offers an upside potential of nearly 11% in the near term.
Momentum indicators show that the trend’s strength is increasing as the Relative Strength Index (RSI) crossed above its 14-day simple moving average (SMA), while the MACD’s negative readings have been trending lower and are currently approaching the zero line.
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See all Ethereum forecastsCAKE Struggles to Break Above $2.6
CAKE has been on an uptrend for a while, probably as the platform has been doing much better than its rival in terms of trading volumes and market share of the DEX space.
However, the price action has encountered strong selling pressure at $2.6 and has already failed to climb above this level twice in the past couple of weeks.
All indicators are bullish at the moment as both the 21-day and 50-day EMA are above the 200-day EMA but momentum could be fading as the Relative Strength Index (RSI) has been moving lower.
The $2.1 – $2.2 area is the key to watch as potential support. As long as the price stays above this range, the uptrend will still be in play.
The 200-day EMA sits right in the middle of this zone, which increases its relevance from a technical standpoint.
If the price manages to break above $2.6, it would be plausible to expect a strong push to the $3 level for CAKE, especially now at a point when traders’ interest in the market has increased, as Bitcoin has made a new all-time high.
