Price Analysis

DeFi Space To Thrive Soon, Uniswap(UNI), Avalanche(AVAX) & Chainlink(LINK) Could Dominate the Rally

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 5, 2022

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Article Highlights
  • DeFi tokens appear to have gained significant bullish momentum as top altcoins have surged notably with a slight increase in Bitcoin prices

  • Among all the tokens, Uniswap, Avalanche & Chainlink could ignite a strong DeFi-boom very soon

Uniswap (UNI) Price Analysis

uniswap
  • The Uniswap price has displayed an extremely bullish trend in the past month as the asset rose gigantically by more than 70%
  • Surprisingly, the price maintained a parabolic recovery curve and reached the neckline of the curve
  • To continue with the same bullish trend, the UNI price may undergo a slight pullback, accomplishing the Cup & Handle pattern
  • On a break from the consolidation, the price may surge high towards the immediate resistance above $10 to achieve $12 by the end of August 2022

Avalanche(AVAX) Price Analysis

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  • The Avalanche price is swinging within an ascending parallel channel and interestingly preparing to bounce from the middle bands
  • Therefore, the asset is expected to consolidate around these levels to some extent and further head towards the resistance at around $27
  • As the resistance of the channel collides with the major resistance levels, the possibility of a pullback followed by a brief consolidation emerges
  • However, with a strong push from the buyers, the asset is expected to rise beyond the crucial levels and secure $30 by the end of August 2022

Chainlink(LINK) Price Analysis

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  • The LINK price is currently trading within a symmetrical triangle and very far from the apex of the consolidation
  • Therefore, the asset is expected to consolidate for a while and break out to test the upper resistance at $7.78
  • If in case the price fails to reach the resistance, the lower support at $6.66 may strongly hold the asset during a breakdown

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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