Top 3 Defi Tokens To Invest In 2023

Top 3 Defi tokens to invest in 2023: Following the prior downfall, several Defi tokens have shifted sideways, hinting the bearish momentum is getting exhausted. These lateral walks are some of the early signs of a trend reversal. Thus, the interested can grab these tokens at cheaper prices to maximize their gains in 2023.

Uniswap(UNI)

source- Tradingview

The Uniswap(UNI) token price has been under a sideways trend for nearly a year now. However, this consolidation in the weekly time frame chart showed the formation of a symmetrical triangel pattern.

In theory, this pattern provides a strong direction rally if prices break either of its converging trendlines. Furthermore, with the current uncertainty and negative sentiment in the market, the UNI price attempt a breakdown from the pattern’s support trendline. 

By the press time, the Uniswap token trades at the $4.96 mark and is 88.94% down from the All-Time high of $44.97. Thus, a weekly candle closing below the trendline will replenish the bearish momentum and may prolong the downtrend to the $3 mark. 

On a contrary note, if the price rejects the lower price, the UNI price will have a possibility for an upside breakout, which may push the prices to the $13 mark.

Avalanche(AVAX)

Source- Tradingview

A V-top reversal from the $146.22 all-time high tumbled the Avalanche coin price 92.45% down to its current price of $11.1.however, the coin price follows a steady downtrend under the influence of a descending trendline.

Considering the falling price, the daily RSI slope moving sideways indicates a weakness in bearish momentum. This positive divergence increases the probability of a bullish reversal and breakout from the overhead trendline.

A weekly candle closing above the trendline will accelerate the buying pressure and may surge the price’s $30 mark.

 Chainlink(LINK)

Source- Tradingview

Following its prior downfall, the Chainlink price has shifted sideways over the past seven months. Moreover, this consolidation phase has a formed range where the price continues to wobble between $9.5 and $5.6.

However, this rectangle pattern holds the potential to offer a strong directional rally upon the breakout mentioned range. The altcoin currently trades at the $5.6 mark, which is 89.35% down from the all-time high of $52.88.

Conversely, a weekly candle closing below $5.6 will prolong the prevailing downtrend to $3.3.

The post Top 3 Defi Tokens To Invest In 2023 appeared first on CoinGape.