Top Altcoins Of The Day: DeFi tokens Uniswap, Maker and Fantom lead the crypto market rally
- Bitcoin price did not see much change on Wednesday as the cryptocurrency continued trading around $23,500.
- Maker emerged as one of the best-performing coins on March 1 as the altcoin shot up by over 17%.
- Uniswap and Fantom followed the lead, with the DeFi tokens rising by 6% and 10%, respectively.
On Wednesday, the crypto market noted mixed sentiments, with the altcoins taking charge of the rally while the bigger cryptocurrencies stood close to their opening price. Interestingly Decentralized Finance (DeFi) tokens such as Uniswap, Maker and Fantom stood outperformed the other altcoins.
Maker price build solid growth
Maker price noted a 17.05% increase in value in the last 24 hours as the cryptocurrency shot up to trade at $924.08. The sudden jump in price pushed the altcoin closer to the critical resistance at $1107.44.
However, in order to breach it, MKR would need to establish a support floor at $809.83 by bouncing off of it in case of price declines. This would provide the altcoin the boost it needs to rally by 37%.
MKR/USD 1-day chart
But if the Maker price falls further and loses the support level at $700.55, it would end up testing the critical support at $590.25. A daily candlestick close below this level would invalidate the bullish thesis, marking a 38% crash for MKR.
Fantom price sing high notes
Fantom price followed the lead of Maker to rise by nearly 10% as the cryptocurrency traded at $0.46. FTM was one of the best-performing cryptocurrencies, as within the first month, the altcoin shot up by more than 216% before correcting by 32.25%.
The 9.6% rise today rejuvenated bullish expectations, with traders hoping for a recovery to the critical resistance at $0.63. Breaching this level would give room for FTM to rise further and tag the nine-month high of $0.86.
FTM/USD 1-day chart
Nevertheless, this rise would ask for an 85% increase in value, which means the chances of corrections also increase if the breach fails. Should the price decline below the current value, FTM would end up testing the immediate support level at $0.38. Losing this level would push Fantom price to $0.29 and also invalidate the bullish thesis at the same time.
Uniswap price did not disappoint
Uniswap price observed a good Wednesday as the DeFi token rose by nearly 6% to trade at $6.82. Even though the rise was significant, it did not do much to end the consolidation that UNI has been stuck in for the last one and a half months.
The altcoin keeps testing the critical resistance and critical support at $7.38 and $6.05, respectively. If this rally pushes the bulls to maintain their presence and enables the price to breach the critical resistance, UNI would be able to tag the six-month high of $7.79.
UNI/USD 1-day chart
However, in case Uniswap price fails to bounce off the critical support next time, it could invalidate the bearish thesis. This would leave the altcoin vulnerable to a 28% crash to a four-month low of $4.87.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
