BlocksInform
Top Defi Coins To Buy in 2023: Following a remarkable recovery in the first few weeks of 2023, several Defi coins have gone into a temporary consolidation phase. However, a minor pullback or sideways trend could be beneficial for these coins to recuperate the bullish momentum. Thus, today we will select the top three Defi coins that may rise significantly in February month.
Avalanche(AVAX)
Amid the recent recovery in the crypto market, the AVAX price was shaped into a rounding bottom pattern. This pattern formation itself is a sign of sustained recovery and provides several entry opportunities for interested traders.
On January 27th, the Avalanche coin price witnessed a significant recovery and provided a massive breakout from the 200-day EMA and $20.2 neckline resistance of the aforementioned pattern. This breakout should intensify the bullish momentum and provides the buyer with a valid footing to lead a further recovery rally.
In ideal bullish conditions, the post-breakout rally could shoot the AVAX price to the $30 mark.
Uniswap(UNI)
On January 13th, the UNI coin price gave a bullish breakout from the long-coming trendline of a falling wedge pattern. However, even after reclaiming the downsloping trendline, the buyers continue to face strong rejection from the local resistance of $7-6.91.
As a result, the Uniswap coin price trend shifted sideways and created a short consolidation phase below the $0.7 mark. Furthermore, this lateral walk could be a chance for coin buyers to replenish bullish momentum and resume the bull run.
The RSI slope revered from the overbought region but stays above the midline project the excessive buying is getting neutralized. Thus, a daily candle closing above $7 will signal the resumption of a bullish recovery, which could drive prices to the $7.8 barrier.
Anyhow, as per the technical setup of the wedge pattern, the coin price should ride a sustained recovery to the $12.5 mark.
Chainlink(LINK)
For the past nine months, the Chainlink coin price has resonated in a definite range stretched from $9.41 to $5.5. Thus, long-coming consolidation indicates the rangebound rally or rectangle pattern. Moreover, the coin price has reverted from the aforementioned levels multiple times, indicating the traders are strictly respecting this pattern.
Amid the recent recovery, the LINK price rebounded from the $5.5 support and rallied 31.5% since January 1st. Anyhow, the traders looking for an entry opportunity should wait for a bullish breakout from the $9.4 barrier, as it will be an entry sign of a bullish recovery.
Thus, the bullish breakout could offer near term target of the $12.5 mark.
