BlocksInform
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 side rally in the cryptography market could be a sign of an exhausted upward momentum and a potential correction in several cryptocurrency coins. However, in spite of an upcoming withdrawal, here is a list of high Defi cryptocurrencies which can boost profitability.
Avalanche(AVAX)
On January 27th, the Avalanche coin price gave a massive breakout from the November high resistance of $19.6. With this breakout, buyers got a strong area of support to support higher levels and prolong the higher recovery.
However, as the crypto market becomes increasingly uncertain, the price of the coin continues to resonate between the $19.6 break level and an immediate resistance level of $21.8. This consolidation phase may help buyers regain upward momentum.
So, they can look for an entry opportunity at $19.6, while safe-play traders could expect a breakout of $21.8 for further confirmation. With a sustained purchase, AVAX could go up by 30% to $26.3.
Also Read: Top 10 DeFi Lending Platforms In 2023
Uniswap(UNI)
On January 13th, the Uniswap coin price gave a bullish breakout from a long-coming resistance trendline, indicating an early sign of trend reversal. To date, the post-insurance recovery has driven the price up 14% to $6.8.
However, the ongoing rally follows a famous bearish pattern called a rising parallel channel. Under the influence of this scheme, the unit price of the piece is about to be slightly corrected when its support trend line is broken.
With this potential fix, the price of the part can plunge back into the broken trend line and re-evaluate its support power. Thus, If the price remains above the support of the trend line, the resultant rebound could push the price from 40% to $9.63.
Chainlink(LINK)
On February 6th, the Chainlink coin price gave a massive breakdown from the support trendline of the rising channel pattern. This break is expected to accelerate commercial pressure and prepare the price of the part for a significant drop.
At the time of the press, LINK is trading at $7.07, with a 3.6% intraday gain. With today's bullish candle, the price of the coin retested the trend line pierced as a potential strength. With a steady sale, the price of the link could fall to $6.2 or $5.5 levels of support.
In any event, as the warhead follows a global trend sideways, a possible bullish reversal of $5.5 support could push the price to the barrier by $9.4.
