As of the time of writing on Tuesday, Bitcoin (BTC) has slightly edged above $107,000 after recording a 1.14% increase in the previous session. A slight recovery momentum across the market has begun, with decentralized finance (DeFi) tokens like Pendle (PENDLE), Aerodrome Finance (AERO), and Uniswap (UNI) leading the gains.
Bitcoin holds steady at $107,000, waiting for a bullish reversal signal
In the past 24 hours, Bitcoin peaked at $108.952 on Monday before adjusting back to the $106,000 area. After a recovery during the day, BTC holds steady above $107,000, while the candlestick pattern with a long lower shadow on the 4-hour chart indicates strong support around $106.143.
However, the price has yet to break through the important resistance level of $108.779. The subsequent weakening momentum has formed a bearish engulfing candle pattern, pulling BTC down by 1.71%. If the price closes above this resistance area, Bitcoin could test the historical peak of $111.980.
The RSI indicator is currently at 55, approaching the neutral zone, reflecting a slowing upward momentum. Meanwhile, the MACD gives a warning signal as the indicator line risks crossing below the signal line, accompanied by a shrinking green histogram — indicating increasing selling pressure.
If the bulls cannot defend the support area of $106.143, closing below this level may lead to a deeper correction toward the $103.487 area — the bottom established on May 31.
Pendle aims for new highs
After six lackluster trading sessions, Pendle (PENDLE) has finally signaled a recovery with its first bullish candle on the daily chart, recording an impressive increase of 10% on Monday. This bounce originated from the support area of $3.59, bringing PENDLE's price to the key resistance level of $4.13 on the 4-hour time frame.
However, profit-taking pressure at high price levels has led to a slight correction, evidenced by two consecutive red candles, both with long lower shadows – a sign that buying pressure is actively absorbing the selling supply.
If the price successfully closes above $4.13, PENDLE could continue to be pushed up to the $4.34 area – which was an important support zone on June 10.
The RSI indicator on the 4-hour chart is currently approaching the overbought zone, indicating strong buying momentum. However, investors should be cautious of the possibility of a short-term correction in an overly excited market.
Meanwhile, the MACD has risen into positive territory, and the signal line continues to trend upward – reinforcing the confidence in the clearly forming bullish trend.
On the contrary, if PENDLE breaks below $3.88, selling pressure may cause the price to revisit the support area of $3.59.
AERO aims for the $1 mark
Aerodrome Finance (AERO) has recorded an increase of over 50% since the beginning of June, with Monday's trading session witnessing a surge of 5.45%. This bullish momentum is bringing AERO closer to the important resistance level – the 50% Fibonacci level at $0.829, established from the December peak at $2.33 to the yearly low at $0.28.
After breaking above the descending channel pattern on the daily chart (as shown in the chart below), AERO is gradually forming a rounded bottom pattern – a structure that often signals a positive reversal. The next price target is identified around the $1 area, coinciding with the 61.8% Fibonacci level – also a crucial psychological resistance level. If buying pressure continues to increase from early investors below the 50% Fib level, this price area could become an ideal profit-taking point both technically and psychologically.
Trading volume is significantly increasing – a signal that reinforces the current recovery, raising the likelihood that AERO could break above higher levels. Even though the RSI indicator has approached the overbought zone, the MACD remains on an upward trend and above the signal line – indicating that the bullish momentum is still being reinforced.
However, if it cannot break through the resistance level of $0.829, AERO may have to revisit the nearest support level at $0.726 – the low during Monday's trading.
Uniswap reverses the trend to bullish
Uniswap (UNI) is maintaining a strong recovery trend, with an increase of over 4% on Tuesday morning, following a breakout of 3.70% in the previous trading session. The bullish momentum is gradually accelerating after UNI bounced off the crucial support level at $7.
Currently, UNI has surpassed the resistance area of $7.69 – the price peak established on May 29. If it successfully closes above this level, the token may aim for the next target at $8.74 – the important peak established on February 7.
The RSI indicator is currently at 59, indicating a positive reversal signal just before reaching the neutral threshold, reflecting increasing demand. Meanwhile, the MACD has just crossed above the signal line along with green histogram bars, reinforcing expectations for a return of the bulls.
However, if UNI cannot maintain a closing price above $7.69, it is highly likely that an accumulation phase will occur around the support area of $6.88 – where several short-term peaks were recorded in May.
