China has always impacted Bitcoin in the recent past. As each time the asset has shed nearly 10% of gains. Previously when Binance had halted the derivatives trading in European countries, BTC price reacted in a similar manner. But interestingly, the DeFi space is swelling being diversified from the mainstream crypto space.
Tokens like Injective Protocol(INJ), Pancakeswap(CAKE), Reef (REEF), etc are recording double-digit gains. Whereas tokens like Avalanche (AVAX), Curve DAO (CRV), Uniswap (UNI), dYdX(DYDX) price, etc are heading towards greater highs slowly.
Uniswap (UNI) Price Await For A Major Boost
Uniswap price is experiencing a huge volume influx and hence this led to a notable surge in the UNI price. The price also rallied more than 12% in a very short span of time, yet quickly began with consolidation. However, without going deep bearish trap, the price stood close to 24-hour highs.
Avalanche (AVAX) Price Could Hit $60 In Next 48 hours
Avalanche price witnessed a constant fall since mid-September and despite a couple of flips, yet the token managed trend within descending channel. However, the price reversed the trend and currently moving towards the north. Yet the validation for an uptrend would be when the price forms constant higher highs to hit $60
Chainlink(LINK) Price Could Drop A little Before Next Leg!
Chainlink price after going inversely parabolic is currently undergoing a slight rebound and hence appear trending within an inverse head & shoulder pattern. And hence if the price follows the pattern, then a slight dump with the price may be on the horizon. If the LINK price breaks the local support levels at $22, then the price could be held strong at $17. However, a rebound could uplift the price close to $30 in short term and eventually range close to its ATH soon.
Collectively, the crypto space tends to drop each time negative news flows from China which in turn leads to a notable price dump of the majority of coins. After losing a considerable portion, most of the coins are coming back on track. And moreover, the DeFi space seems to be elevated with huge momentum which could initiate the DeFi Boom before the Altseason.