dYdX Surpasses Uniswap as Top DEX After Cosmos Migration, Token Price Surges But Faces Resistance
• dYdX has overtaken Uniswap as the largest DEX by daily trading volume, recording over $500M in volume. This follows its migration from Ethereum to Cosmos.
• The dYdX token price has surged recently but shows signs of potential consolidation around its current $3 level based on technical indicators.
• A breakout above the current downtrend resistance could signal further upside for dYdX, potentially testing the $3.50 area.
• A breakdown below key EMA support around $2.50 could lead to a retest of lower support levels.
• Trading volume across DEXs on non-Ethereum chains like Solana and now Cosmos continues to chip away at Ethereum’s long-held dominance.