Top 3 Defi Cryptocurrencies To Invest In 2023; February Edition

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.

Avalanche(AVAX)

Source- Tradingview

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

Uniswap(UNI) 

Source- Tradingview

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.

Chainlink(LINK)

Source- Tradingview

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.

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