In today’s crypto market, Defi tokens have showcased exceptional performance, outshining other sectors of the crypto market. As per Defi Lama, the Total Value Locked stands at $45.01 Billion with 0.41%. Amid the broader sentiment improving, these tokens show potential investment opportunities with the bullish setup in the technical chart. Here’s how interested investors can position their funds to grab long-enter trades in the given below coins.
Also Read: Bitcoin On-Chain Data Flashes Rare Bullish Signal
Aave(AAVE) Price Analysis: Foretells a Quick Rally
Source: Tradingview
Amid the recent upsurge in the crypto market, the AAVE price showed a massive upswing from the $50 psychological support. Within a fortnight, the altcoin surged 44% to a recently pierced the $67.8-$66.8 barrier.
If the buyers manage to sustain breached resistance, the coin price may rise another 10% to hit the long-coming resistance trendline. For over a year, the dynamic resistance has assisted sellers to undermine buyers’ recovery attempts and maintain a steady downtrend.
Thus, a breakout above this barrier is crucial for AAVE price to change trend direction and kickstart a new recovery rally.
Uniswap(UNI) Price Analysis: Resistance Breakout Set for Potential Upswing
Source: Tradingview
With a 12.2% intraday gain, the Uniswap coin price shows a bullish breakout from the resistance trendline of the channel pattern. This breakout could be an early sign for trend reversal as it reflects a change in market sentiment from selling on bounces to buying on dips.
If the daily candle closes above the resistance trendline, the buyers could use this level as potential support and drive the price higher. The post-breakout rally could push the UNI price to $6.5, followed by $7.6.
Synthetix (SNX) Price Analysis: Chart Pattern Bring Breakout Opportunity
Source-tradingview
In the daily time chart, the Synthetix coin price shows the formation of a falling channel pattern. With today’s price, the price challenges the upper trendline of this pattern with an attempt to break out.
However, the sellers’ aggressive defending of this trendline has reverted the price lower where it currently trades at the $2.17 mark. If the supply pressure persists, the altcoin could witness another reversal from this trendline which may plunge the price back to a lower trendline.
Interested buyers must wait for a breakout above the overhead trendline to regain trendline control. The potential breakout could accelerate the buying pressure and surge SNX price to a potential target of $2.66, followed by $3, and $3.4.