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Top 3 Defi Tokens to Invest in 2023 – After the previous crash, several defi the tokens have gone sideways, suggesting that the bearish momentum is running out. These sidewalks are some of the first signs of a trend reversal. Therefore, those interested can obtain these tokens at cheaper prices to maximize their profits in 2023.
The Uniswap (UNI) token price has been in a sideways trend for almost a year. However, this consolidation on the weekly time frame chart showed the formation of a symmetrical triangle pattern.
In theory, this pattern provides a strong bullish direction if prices break any of its converging trend lines. Also, with the current uncertainty and negative sentiment in the market, the UNI price is attempting to break the pattern’s support trend line.
At press time, the Uniswap token It is trading at the $4.96 mark and is 88.94% below the all-time high of $44.97. Therefore, a weekly candle closing below the trend line will replenish the downside momentum and can extend the downtrend to the $3 mark.
Conversely, if the price rejects the lower price, the UNI price will have the possibility of a breakout higher, which can take prices to the $13 mark.
A top reversal in V from the all-time high of $146.22 dropped the price of the Avalanche coin by 92.45% to its current price of $11.1. However, the price of the coin follows a constant downtrend under the influence of a falling trend line.
Taking into account the price drop, the daily pending RSI moving sideways indicates weakness in bearish momentum. This positive divergence increases the probability of a bullish reversal and a breakout of the upper trend line.
A weekly candle close above the trend line will accelerate the buying pressure and may push the $30 price mark higher.
Chain Link (LINK)
After his previous fall, the chain link price it has moved laterally in the last seven months. Also, this consolidation phase has a range formed where the price continues to range between $9.5 and $5.6.
However, this rectangle pattern has the potential to offer a strong directional rally in the aforementioned breakout range. The altcoin is currently trading at the $5.6 mark, which is 89.35% lower than the all-time high of $52.88.
Conversely, a weekly candle closing below $5.6 will prolong the prevailing downtrend to $3.3.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.