Published 8 seconds ago by
Brian Bollinger Following an explosive January rally, most major cryptocurrencies are experiencing high volatility and consolidation in the second half of 2023. A sideways rally in the crypto market could indicate exhausted bullish momentum, as well as a possible correction in some crypto coins. However, despite an upcoming pullback, here’s a list of top Defi cryptocurrencies that may boost profitability.advertisementAvalanche(AVAX)Source- TradingviewOn January 27th, the Avalanche coin price gave a massive breakout from the November high resistance of $19.6. The buyers gained a strong support zone to continue the recovery rally higher and sustain higher levels. However, the Avalanche coin price made a massive breakout from the November high resistance of $19.6 on January 27th. This consolidation phase could help buyers to recover the bullish momentum. Trending StoriesThe interested can search for an entry opportunity at $19.6, while safe-playing traders may wait for a $21.8 breakout to confirm their suspicions. The AVAX price could rise to $26.3 if there is continued buying. Source: Tradingview. On January 13th, the Uniswap price made a bullish breakout of a long-coming resistance trendline. This signaled a possible trend reversal. The price has risen 14% to $6.8 since the post-breakout rally. However, the current rally is following a bearish pattern known as a rising parallel channel. The coin UNI price could see a minor correction due to the breakdown of its support trendline. This would allow the price to plunge back towards the trendline and retest the support power. Thus, If the price sustains above the trendline support, the resulting rally could push the price 40% up to $9.63.Chainlink(LINK)Source- TradingviewOn February 6th, the Chainlink coin price gave a massive breakdown from the support trendline of the rising channel pattern. This should increase selling pressure and prepare the coin’s price for a significant downfall. The LINK price traded at $7.07 by press time with an intraday gain 3.6%. Today’s bullish candle saw the coin price test the pierced trendline, which could be a resistance. With sustained selling, the LINK price could tumble to the $6.2 or $5.5 support levels.advertisementAnyhow, as the chainlink coin follows an overall sideways trend, a possible bullish reversal from $5.5 support could push the price back to the $9.4 barrier.Share this article on:About author
Disclaimer
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story