- Bitcoin price had a major 30% sell-off that did not affect DeFi cryptocurrencies as much.
- The DeFi market remains strong which could be an indication of an upcoming alt season.
Uniswap price is currently at around $8.8 after a 9% recovery from the sell-off in the past 24 hours. Aave has performed even better and it’s up 15.6%, as bulls bought the dip, pushing the digital asset to the levels before it crashed. Again something similar happened with SNX, although the digital asset didn’t manage to jump all the way up.
SNX price recovers quickly from the recent dip
Like the entire DeFi market, SNX bulls have bought the dip in a convincing manner. SNX was trading as high as $15.8 before plummeting down to $11.26. However, in less than 24 hours, bulls pushed the digital asset to $14.14 and above the 26-EMA and are fighting to crack the 12-EMA as well on the daily chart.
SNX/USD daily chart
The In/Out of the Money Around Price (IOMAP) model indicates that there is only one crucial resistance area located between $14.18 and $14.55. A breakout above this point would quickly push SNX price towards $16 as there are no other barriers ahead.
SNX IOMAP chart
However, it’s important to note that the support below $14 is also minuscule which means that a rejection from $14.5 could lead the digital asset to a low of $12 again, so investors should be extra careful trading SNX.
Aave price close to a new all-time high
Similar to SNX, Aave bulls bought the recent dip but were even stronger doing so. Aave dropped from a high of $199 to a low of $147 and it’s currently trading at $194 again. Bulls have pushed the digital asset by more than 31% in less than 24 hours which indicates a lot of strength, especially for the altcoin market.
According to the IOMAP model, there is clearly almost no barriers on the way up to a new all-time high which means bulls can quickly push Aave price above $200.
AAVE sell signals
However, after such a significant mini-rally, the TD Sequential indicator has just presented a sell signal on the hourly chart and it’s on the verge of doing the same on the 2-hour chart. A short-term sell-off could push Aave price down to $184 which is the most significant support level according to the IOMAP.
Uniswap price can see a new all-time high as whales accumulate even more
One of the main strengths of Uniswap is the fact that whales have been accumulating a lot of coins in the past month despite its price rising significantly. According to the Holders Distribution chart, the number of large holders with 10,000 to 100,000 Uniswap tokens ($87,000 to $870,000) has increased from 432 to 453.
UNI Holders Distribution chart
Similarly, the number of whales holding between 100,000 and 1,000,000 tokens ($870,000 and $8,700,000) also increased 19, which is really significant and indicates large investors expect the price to rise even higher.
UNI Sell Signals
However, similar to Aave, the TD Sequential indicator has presented a sell signal on the 30-minutes chart and the hourly chart and it’s close to doing the same on the 2-hour chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.