- Crypto’s total market capitalization has fallen to $750 million.
- DEX tokens could be witnessing an auction after the outcome of the Centralized FTX Exchange scandal.
- SFP, LDO, and UNI are DEX tokens in the market that have shown strength despite the overall market demise.
Safepal’s price shocks the market
Safepal (SFP) price surged 180% in November, while total market capitalization fell 25%. A strong rally occurred during the 3rd trading week of November, setting a new monthly high at $0.81. Now, as the market has seen another sell-off, the price of the decentralized wallet and exchange token is hovering at $0.48, 70% above the origin point of its jaw-dropping rally.
At the time of writing, Safepal price is testing the 21-day simple moving average for support. If the bulls can find a steady leg, a challenge from the new highs could occur. Bullish targets would be the high liquidity levels of $0.81 and potentially near $0.84 to induce a market capitulation of the newly established bears. Invalidation of uptrend potential remains near the origination point of the 180% rally to $0.28.
SFP/USDT 1-Day Chart
Lido Dao price has potential
Lido Dao price is another alt-coin that has shown strength despite the demise of BItcoin.
Since June, LDO has pumped 560%. The outperformance of multi-network staking piece has speculators wondering if the LDO price has the potential to generate more gains.
The Lido Dao price is currently auctioned at $1.10. A Fibonacci retracement tool surrounding the entire stunning rally shows that the current price is sitting just above the 61.8% Fib level. The volume profile indicator shows fewer trades during the current downtrend compared to the influx of buying pressure that kicked off the impressive summer rally. The Relative Strength Index rallied towards support after briefly marking oversold levels when Lido Dao rebounded from the 61.8% Fib level at $0.93 earlier in the month.
Combining these narratives, Lido Dao price has the potential to challenge bears who may have recently established a position near the $2-$3 levels. Uptrend of LDO potential depends on the origination point of the 5x rally to $0.49, remaining untagged.
LDO/USDT 1-Day Chart
Uniswap price is one to watch
Uniswap price is worth keeping on your watchlist, especially if a Christmas rally blesses the crypto market. Between June 14 and August 12, UNI implemented a 2X bullrun. After the impressive move north, the Ethereum-based exchange token has since fallen 50% and remained between $5 and $8.
The Uniswap price is currently auctioned at $5.84. Glasnode’s Withdrawals Exchange Indicator posted the largest increase in withdrawals of any exchange on November 13. Based on historical evidence, large increases in withdrawals from all exchanges have resulted in strong countertrend bounces for UNI price in the past. The last time the indicator represented comparable the metrics were in September 2021 when UNI traded at $20, days before rising 20% to $25.
Glassnode Exchange Withdrawals
Similar to Lido Dao, Uni also hovers above the 61.8% Fib level, considered the “golden pocket,” where opportunities are abundant and promising. A challenge to the top of the 2x rallies at $9.72 would lead to an 88% increase from the current market value. Invalidating the upside would be the June 18th low at $3.33
UNI/USDT 1-Day Chart
In the following video, our analysts dive into the price action of Pancakeswap, another decentralized exchange (DEX) token analysts are watching in late 2022. -FXStreet Team