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Top Crypto Gainers: UNI, XDC, JTO - DeFi tokens surge as Paul Atkins favors self-custody

  • Paul Atkins’ support for self-custody and other on-chain activities sparked a rally in DeFi tokens.
  • DeFi token Uniswap jumped 26% on Tuesday, becoming the top gainer in the last 24 hours. 
  • XDC Network and Jito record double-digit growth amid a broader market recovery. 

Decentralized Finance (DeFi) tokens surge after Paul Atkins’ speech, with Uniswap (UNI), XDC Network (XDC), and Jito (JTO) posting double-digit gains as top performers in the last 24 hours. 

Paul Atkins, Chairman of the US Securities and Exchange Commission (SEC), announced his support for self-custody and the flexibility of market participants to engage in staking or other on-chain activities after the Crypto Task Force Roundtable on DeFi on Tuesday. 

Uniswap shatters above $8

Uniswap edges lower by over 4% at press time on Wednesday after a spectacular performance of a 26% surge to close a bullish engulfing candle the day before. With a brief pause at $8.67, a three-month high, UNI reverses from the $8.70 supply ceiling to take a breather. 

The technical indicators reveal a bullish bias as the Moving Average Convergence/Divergence (MACD) indicator flashes a positive crossover, and the Relative Strength Index (RSI) at 67 hovers near the overbought boundary, signaling a growth trend momentum. 

The rising 50-day and 200-day Exponential Moving Averages (EMAs) are projecting an increased likelihood of a bullish crossover. 

With the intraday pullback, Uniswap could test the 200-day EMA at $7.67, close to the $7.69 support zone. A post-retest reversal fueled by the growing risk-on sentiment in the segment could rechallenge the $8.70 ceiling. 

UNI/USDT daily price chart. Source: Tradingview

Conversely, a closing below $7.67 could trigger a decline to the $6.90 zone, a resistance-turned-support level last tested on June 3. 

XDC nears multi-month resistance trendline breakout

XDC extends the 9% gains recorded on Tuesday by over 1% at the time of writing. The DeFi token has increased in value by over 16% as it trades at $0.06775, up from the 7-day low at $0.05801. 

The recovery rally edges above a key long-standing resistance trendline formed by peaks on January 17, April 29, and May 23, signaling strong breakout chances. A closing above the trendline could propel XDC towards the May 23 peak at $0.07954. 

The MACD indicator triggers a buy signal as the blue line crosses above the red signal line. Further up, the RSI indicator, at 56 points, signals increased bullish momentum and room for growth before reaching the overbought zone.

XDC/USDT daily price chart. Source: Tradingview

However, if XDC fails to close above the trendline, a reversal could result in a pullback to the $0.06770 support, formed by a low on April 8. 

Bullish momentum fades in JTO

Jito, a Solana-based DeFi token, surged 14% on Tuesday, printing its fifth consecutive bullish candle on the daily chart. However, JTO fails to cross above the 200-day EMA at $2.25, resulting in a pullback of over 4% at press time on Wednesday. 

The reversal retests the broken $2.11 resistance-turned-support level, last tested on May 22. Sidelined investors looking for buying opportunities could find a daily closing above the 200-day EMA as a potential entry point. 

A clean push could prolong the recovery rally to $2.42, last tested on March 25. 

The technical indicators of JTO share the bullish bias with other DeFi tokens. The MACD indicator displays the blue and red lines crossing above the zero line alongside the green histograms rising from the same line. 

The Relative Strength Index (RSI) at 60 spikes above the halfway line shows space for an upside move before reaching the overbought zone.

JTO/USDT daily price chart. Source: Tradingview

Conversely, a closing below $2.11 could extend the declining trend towards the 50-day EMA at $1.90.

Author

Vishal Dixit

Vishal Dixit

FXStreet

Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.

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