The post Top DeFi Tokens To Buy Before The Bull Run Begins! appeared first on Coinpedia Fintech News
As the Bitcoin price hangs tight at the $58K level, the broader market remains divided. With DeFi tokens and meme coins preparing for the next bull run, some altcoins face extreme supply. Amidst the DeFi segment, here are the choices to buy for a bullish week ahead.
Must Buy DeFi Tokens: Convex Finance
With a market cap of $232 million, CVX price trades at $2.38, with a 5.28% rise in the past 24 hours. In the daily chart, the CVX price action reveals a positive trend in motion as it bounces back from a support trendline.
Furthermore, the uprising counts as a positive cycle ready to begin in a larger falling-wedge triangle pattern. Further, the stochastic RSI and the daily RSI line maintain a positive trend despite slight sideways in the DeFi token prices.
Hence, with the growing bullish divergence and the positive alignment in the stochastic RSI lines, the momentum indicators project a potential uptrend. With the next resistance at $2.811 or the 23.60% Fib level, the upside potential in the DeFi token is 18.11%.
Uniswap (UNI)
Uniswap ranks 23rd among the top 50 cryptocurrencies and has a market cap of 3.842 billion. Further, the UNI token is trading at $6.40 and has increased by 2.5% in the last 24 hours.
The 4-hour UNI token chart reveals a rising wedge pattern after the crash, reversing with a V-shaped pattern. Further, the uptrend shows a triple white soldier pattern as UNI bounces back 4.53% in the last 12 hours.
A bullish breakout of the rising wedge will surpass the 50% Fib level at $6.768 to hit the 78.60% Fib level at $7.811. On the flip side, the DeFi Token price might retest the $5.805 support or the 23.60% Fib level.
AAVE (AAVE)
AAVE shows a sideways trend in the weekly chart below the 23.60% Fibonacci level. However, the weekly jump of 20.88% suggests a potential comeback rally in the DeFi Token.
As the MACD indicator gives a bullish crossover, the weekly RSI line spikes up from the halfway line. Hence, the momentum indicators bolster the possibility of a bull cycle.
With a recovery run surpassing the 23.60% Fib level at $159, the DeFi token could head higher to the $229 level.