DeFi tokens are showing some relevant gains over the last 24 hours, and to find out where they are heading, below we conducted a technical analysis of the leaders of this segment.
Today DAI remains the largest in this crypto market space, thanks to a market capitalization of $7.452 billion. However, because it is a stablecoin, we are not going to analyze its price.
Avalanche is the one that continues in the command line, with a price of $ 23,83, a capitalization of $6.773, and a gain of 4,01% in the last 24 hours.
UNI, a native of the Uniswap exchange, is the 3rd on the list. This token has been performing very well over the past few days, standing today at $8.73, and reaching a capitalization of $6.496 million.
WBTC, is a token wrapped in the Ethereum network, which has a price parity with Bitcoin. Therefore, we will not analyze it today either.
LINK, from the Chainlink network, is the last one that we will analyze in the next paragraphs, and it trades at $7.51, with a capitalization of $3.534 million.
Technical analysis of the main DeFi tokens
A native of the Avalanche network, this DeFi token has been recovering recently, having touched a low of $13,71.
With a current price of $ 23.83, it means that it has rebounded more than 70% from that low; however, the bullish force is still not enough to confirm that the major trend has been resumed.
Now, the next goal of buyers is to break through the resistance at $25.99. But as long as we do not see strong determination on the part of the bulls, the price risks quickly losing recent gains.
At the moment, the increase in volume that we have been seeing, tells us that we are in a place of interest, and it is a good indication to expect a greater recovery.
To think about sales, the small ascending line that I mark in the graph below, must be crossed, making way for sales to the support zone around $14.
In the case of the Uniswap token, we are going to review the weekly price chart, where we are seeing quite interesting behavior; however, it still needs more.
After getting support at $3.78, the price of UNI seems to have bottomed out, giving way to a strong recovery. A first downline was crossed.
However, we can still notice a relevant succession of lower and lower lows. We should first see a change of this direction, in order to rely on a recovery of the long-term uptrend.
The most conservative would expect the $11.67 to be surpassed, or the trend line that I mark in the graph below in red color.
Chainlink (LINK) has long been one of the main tokens of the DeFi space. However, lately it has lagged a little during the market rallies.
Today we see on the weekly chart of LINK, that the price got support at $6.5, but no, it has only closed in a small lateral range, without confirming a possible broader rally.
To expect more profits from this token, the resistance at $7.6 must be crossed with good volume. This opens the way for purchases up to $12.42 probably.
In case the support at $6.5 is lost, the ground would be cleared up to $3.86.
While this token also possesses a strong long-term uptrend, it is still far from confirming a resumption of that direction.
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