Three DeFi Coins That Could Be Nearing a Bottom (TA - 16th of October)

Three DeFi Coins That Could Be Nearing a Bottom (TA - 16th of October)


3 DeFi coins, Yearn.Finance (YFI), SushiSwap (SUSHI), and Uniswap (UNI) might be nearing a bottom, but UNI and SUSHI have shown some bullish reversal signs while YFI is lagging.

In this article, we’ll briefly look at all three coins and determine where they are heading towards next.

 

Yearn.Finance (YFI)

The YFI price has been declining since reaching a high on Sept 12. It has been following a descending resistance line since Oct 1. The price fell below the $16,000 area and validated it as resistance afterward.

Unless the price breaks out from the descending resistance line, a descent towards $11,000 seems like the more likely option.

Furthermore, YFI seems to have completed a bullish impulse with the previous Sept 12 high and begun to correct.

 

99e15566527cba6c360c21a6c12da1474ea53121ce574fe0050df09ef370b9ac.png

 

SushiSwap (SUSHI)

The Sushi price has been increasing since Oct 7, when it reached a low of $0.551. The rally continued until the price reached a high of $0.873 on Oct 10. Since then, the price has been following a descending resistance line.

The price reached the 0.618 Fib level of the rally at $0.67 before creating a long lower wick and moving upwards.

Technical indicators are neutral since there is a slight bullish divergence on the MACD. The RSI, on the other hand, is below 50 and falling.

However, a breakout from the descending resistance line would likely take the price towards the $0.87 resistance area.

 

83b73a80600ea4155c310fb5af977c6ee5e975ee2843cac57e0a0b09d1b61a02.png

 

Uniswap (UNI)

UNI has been increasing since Oct 7, when the price reached a low of $2.47. The rally continued until the price reached a high of $3.66 on Oct 10.

On Oct 14, UNI bounced at the 0.618 Fib level of the entire rally at $2.93 and created a long lower wick, a sign of buying pressure. The price is now moving upwards towards $3.66 but first needs to break out from the descending resistance line.

UNI has shown several bullish signs, such as the bullish divergence before the rally and the $3.20 minor support area reclaim.

 

3ae98fb52ce275aaf7953286e29f30047e65c9ee510bd739017928c8b79f660c.png

 

What do you think we will see in the coming week / month? If you like this content, consider tipping the article / following me, so more people see this content and we get a nice discussion going on. 

Also, If you are interested in trading, I would suggest you try out BeInCrypto's free Telegram chat. I am there and it is growing very quickly (over 7,900 members) where they discuss the market and share interesting content. They also have a free premium channel where they have a cryptocurrency trading course and daily trading signals. If you are interested, you can click here.

Until next time, stay classy crypto world!


pheonixdown-dee
pheonixdown-dee

I am an avid crypto enthusiast. Feel free to get in contact with me on - IG - https://www.instagram.com/crypto_dizzle/ Twitter - https://twitter.com/DizzleCrypto


My Technical Analysis
My Technical Analysis

Technical Analysis from me, will mostly be doing Bitcoin / Altcoin.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.