After witnessing an explosive rally in January, a majority of major cryptocurrencies are experiencing high volatility or consolidation in the second month of 2023. A sideway rally in the crypto market could be a sign of exhausted bullish momentum and a potential correction in several crypto coins. However, despite an upcoming pullback, here’s a list of top Defi cryptocurrencies that may boost profitability.
On January 27th, the Avalanche coin price gave a massive breakout from the November high resistance of $19.6. With this breakout, the buyers obtained a strong support zone to sustain higher levels and prolong the recovery rally higher.
However, with increasing uncertainty in the crypto market, the coin price continues to resonate between the breached level of $19.6 and an immediate resistance level of $21.8. This consolidation phase could assist buyers in recuperating the bullish momentum.
Thus, the interested can look for an entry opportunity at $19.6, while the safe-playing traders could wait for a $21.8 breakout for additional confirmation. With sustained buying, the AVAX price could rise 30% higher to reach the $26.3 mark.
Also Read: Top 10 DeFi Lending Platforms In 2023
On January 13th, the Uniswap coin price gave a bullish breakout from a long-coming resistance trendline, indicating an early sign of trend reversal. So far, the post-breakout rally has surged the price 14% higher to reach the $6.8 mark.
However, the ongoing rally follows a famous bearish pattern called a rising parallel channel. Under the influence of this pattern, the coin UNI price is poised for a minor correction upon the breakdown of its support trendline.
With this potential correction, the coin price may plunge back to the breached trendline and retest its support power. Thus, If the price sustains above the trendline support, the resulting rally could push the price 40% up to $9.63.
On February 6th, the Chainlink coin price gave a massive breakdown from the support trendline of the rising channel pattern. This breakdown should accelerate the selling pressure and prepare the coin price for considerable downfall.
By the press time, the LINK price trades at $7.07, with an intraday gain of 3.6%. With today’s bullish candle, the coin price retested the pierced trendline as a potential resistance. With sustained selling, the LINK price could tumble to the $6.2 or $5.5 support levels.
Anyhow, as the chainlink coin follows an overall sideways trend, a possible bullish reversal from $5.5 support could push the price back to the $9.4 barrier.
The post Top 3 Defi Cryptocurrencies To Invest In 2023; February Edition appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks