The tug-of-war between decentralized exchanges was long over when Uniswap [UNI] took over the market and became the largest DEX.
However, in the stable USD field, Curve [CRV] had the upper hand. But in the past few weeks, the second largest DEX has lost the upper hand by selling it to Uniswap.
Curve gets a curve ball
The weekly volume noted on the chain shows that week after week since October 2021, Curve has had a significant dominance over Uniswap.
When Uniswap was conducting $ 529 million worth of transactions, Curve was double the volume to $ 1.2 billion, particularly for the stability of the USD.
Volume and domain Curve vs Uniswap | Source: Dune – AMBCrypto
In terms of market acquisition, Curve at one point held nearly 71% of the market, while Uniswap only had 29%.
In the last month, things have reversed and towards the end of July Uniswap achieved a dominance of 72.3% while Curve had just 27.7% of the market.
In doing so, the total volume generated by both also changed stance, as Curve recorded trades worth $ 572 million, while Uniswap observed the same value of $ 1.58 billion.
On the charts
This is despite the fact that in the Curve charts he had noticed a phenomenal growth of more than 164% in the span of just over a month.
In fact, this rally even outstripped Uniswap’s growth, which gained only 147% in nearly two months.
Curve price action | Source: TradingView – AMBCrypto
But moving forward when Curve lost DEX dominance, it might as well lose this revival. In the last 20 days alone, CRV has seen a drop of almost 18% and the price indicators are not looking positive right now.
The Parabolic SAR is about to flip its three-week uptrend into a downtrend and the Moving Average Convergence Divergence (MACD) has already been in a bearish crossover for the same time period, which is expected to intensify in the coming days, as evidenced by the red bars on the indicator.
However, as the broader market signals are not explicitly bearish, they may not decrease by much. Furthermore, considering the volatility of the asset, it hovered around the levels of three months ago.
This could prevent CRV from seeing excessive price swings.
Volatility of the curve | Source: Intotheblock – AMBCrypto