The cryptocurrency market is heading toward achieving its highest price record this year. This has led to a strong increase in the prices of major categories. Among these categories is decentralized finance (DeFi), where projects in this technological application contribute to major financial restructuring in recent times.
These currencies are known as decentralized exchanges, lending platforms, yield farming protocols, and others, providing real utility within financial systems not controlled by corporations. They also offer transparent and efficient financial services, borderless, increasing their utility.
Despite the significant decline in decentralized finance projects over the past week, investor optimism in them continues to rise due to their utility. As a result, investors are constantly monitoring the price movements of the top altcoins in this category.
#AAVE ($AAVE)
Despite a decline of about 5% in the past 24 hours, the total value locked (TVL) of the Aave token has exceeded $40 billion. This highlights an increase in investor ownership strength. Moreover, with a market capitalization of $3.36 billion, the coin ranked 31st in the cryptocurrency market.
The Relative Strength Index (RSI) has dropped below the overbought range on the daily timeframe, leading to a bearish convergence in the AAVE price chart. Nevertheless, the 50/200 day exponential moving average crossover is on track to register a golden cross, indicating a divergent price movement in the market.
If the bulls regain their momentum, the price of AAVE could retest its immediate resistance level at $247.50 this month. Conversely, an increase in selling pressure may push the price of this altcoin towards its crucial support level at $205 in the near term. Chainlink (LINK)
According to the latest reports, Chainlink has enhanced the integration of decentralized finance (DeFi) and liquidity in blockchain financing through new strategic partnerships and innovative solutions. Thus, the market capitalization of this coin slightly exceeds $10 billion, with a trading value of $15.29.
The Moving Average Convergence Divergence (MACD) indicator has shown a continuous decline in the green chart, as its 12 and 26-day exponential moving averages exhibited a bearish cross. On the other hand, the 50/200 day moving average crossover indicator shows a similar bullish trend in the Chainlink price chart. Considering the current market trends, the price of Chainlink may witness significant price movement in the upcoming period.
Assuming a bullish reversal occurs, in this case, the price of Chainlink may regain the $16 level and target its higher price goal at $19.25. Conversely, if pessimists dominate the cryptocurrency market, this altcoin may drop towards its low of $13 this month.
Uniswap ($UNI)
With a decrease of 7.36%, Uniswap's price ranks among the biggest losers of the day. Notably, with a trading volume of $214.26 million, this token is currently trading at around $5.75. With its latest feature, one-click token swaps, this decentralized finance (DeFI) project may soon regain its momentum.
The Simple Moving Average (SMA) has shown a bearish convergence on the daily timeframe. Additionally, the Relative Strength Index (RSI) has displayed negative price movement in the Uniswap price chart. This indicates an increase in selling pressure over the past few weeks.
If the pessimists continue to gain momentum, this could push the value of the UNI token towards its low of $4.70. However, if a bullish reversal occurs, this altcoin could regain its momentum and prepare to retest the upper resistance level at $8.145.
