The post Must Buy DeFi Tokens For 50% Breakout Runs In Early August appeared first on Coinpedia Fintech News
Creating a bearish mark in market pullback, the DeFi segment is rising against the tide of crypto market. Despite the downfall in Bitcoin in contrast to the anticipation of a new all-time high formation, these DeFi tokens gain a “must buy” tag with their quick jumps.
The following tokens are at crucial levels, with offerings of more than 50% upside upon potential breakouts. So, for a better understanding, let’s look at the price analysis of the DeFi tokens.
Must Buy DeFi Tokens: Convex Finance
With a market cap of $327 Million, Convex Finance offers massive upside potential. Completing a positive cycle in a triangle pattern, the bulls are facing opposition at a resistance confluence.
The overhead supply is at the trendline, and the 50% Fib level is at $3.72, while the overnight jump of 20% takes a step back. Creating a bearish candle, the intraday pullback of 4.31% makes a piercing candle as a negative cycle looms over.
However, as the market is likely to bounce back this week, the CVX price uptrend anticipates a breakout. Further, the uptick in the 50D EMA hints at a golden crossover.
A breakout run in the CVX price can surpass the 100% Fibonacci level at $5.48 for a new 52W high. Hence, the Convex Finance makes the list of Must Buy DeFi Tokens.
Maker (MKR)
With a bullish reversal from the dynamic support of the 50D EMA, the bullish recovery in the MKR price offers a trend reversal opportunity. The overnight surge of 7.12% after days of Doji candles at the 50D EMA improves the overall sentiment.
With the 50% Fibonacci level acting as the resistance ceiling, the bullish break will unleash the trapped momentum. Further, the uptick in the RSI line from the halfway line bolsters the breakout as the demand increases.
A bullish breakout of the 50% Fib level at $3,039 after the psychological barrier at $3,000 could pump the MKR price to almost $4000. With a high potential breakout move, Maker secures a place in our list of Must Buy DeFi Tokens.
AAVE (AAVE)
Breaking above a resistance trendline in the daily chart, AAVE reclaims the $100 psychological mark. Further, the bullish trend is heading towards the 50% Fibonacci level at $110 to extend the recovery rally.
With a golden crossover between the 50D and 200D EMA, the overnight surge of 6.28% increases breakout chances for AAVE. Considering the broader market improves to provide some additional boost, the DeFi token can reach $142 before it tops the $150 psychological mark.
Hence, the high potential breakout move with the support of ongoing recovery brings AAVE into our Must Buy DeFi Tokens.