Vertex, an Arbitrum-based decentralized exchange specializing in derivatives, has recently emerged as the leading DEX in daily trading volume for perpetuals. According to Dune Analytics , Vertex has processed trades exceeding $1.5 billion in the last 24 hours alone.
The price of its VRTX token is up by 162% since its release on November 22 and is still rising. With these strong fundamentals, is this token set up for success in the upcoming period?
The trading volume predominantly consists of ETH contracts (48%), followed by BTC (46.4%), and a smaller portion in USDT/USDC (3%). In the same period, 677 unique addresses traded on the platform, indicating an impressive average daily volume of $2 million per user.
Additionally, Vertex has achieved the seventh spot in DEX rankings for spot trading, as per DeFi Llama‘s data, with over $71 million in trades within a day. Notably, the platform reached its peak trading volume of $112 million on November 26, placing it third in the rankings for that day.
Adrian Zdunczyk , a well-known web3 influencer, highlighted Vertex’s significant growth on Twitter. He pointed out the platform’s substantial metrics: $43 million in Total Value Locked, approximately 9,000 unique traders, and a remarkable $10 billion in traded volume over the last 30 days.
Furthermore, Vertex has seen a 300% increase in its total value locked since the beginning of November, marking a substantial growth in its user base and trading activity.
From its market release on November 22, when the price was $0.20, VRTX is in a sustainable uptrend. It reached $0.52 at its all-time high today and shows some signs of struggle as the upward moves are getting smaller with each strive.
As it has already increased by 162% without any significant correction, it will likely do so. However, this might only be a temporary consolidation before the price increases. Judging by the wave analysis, we saw the completion of wave 3, which is why now we can see an ABCDE correction for wave 4.
Its price target should be shallow compared to the uptrend and likely end above the $0.40 area. If that happens and we see the formation of a triangle structure with five-wave correction, another higher high is ahead.
Considering the limited price history, it is hard to project this target, but it would optimally come to around $0.65. After that, the price VRTX would make its first bull phase correction and continue to the upside if it finds higher support.
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