DeFi
Best DeFi Tokens to Buy in July Before the Bull Market Starts
Ignoring the fall of top cryptocurrencies like Bitcoin and Ethereum, a recovery rally is starting to shine in the shadow of small-cap altcoins. In this underground bull market, DeFi tokens are starting to shine over time.
Major DeFi tokens, like AAVE and CVX, are announcing a trend reversal as prices rise overnight. Will the bullish trend of these tokens continue on the bullish path towards recovery?
Let’s look at the price analysis of DeFi tokens for a deeper understanding.
DeFi token CVX trapped in a channel
In the weekly chart, the CVX Price The trend reveals an overall downward trend which gives rise to the bearish channel in play. Currently, the DeFi token is showing a bullish cycle within the parallel channel.
With a higher price rejection last week, CVX price is trading at $3.18 after an overnight jump of 8.62%. The ongoing fight with high volatility between the downtrend channel reflects strong demand working against overhead supply.
Additionally, the MACD and signal lines project a bullish crossover, with the RSI line poised to move above the 50% line. With the ongoing recovery rally, the DeFi token can reach the $4.50 mark. Optimistically, a bullish breakout can propel CVX price towards the high of $7.62.
AAVE Buyers Undermine Downtrend, Surge 16%
In a lateral movement, the AAVE token is constantly battling near the psychological milestone of $100. During the turmoil, the DeFi token’s price action formed a head and shoulders pattern with a trendline as its neckline.
However, with the recent recovery, the underlying demand for the DeFi token at lower levels is undermining the bearish trend. AAVE Price jumped 16% this week and begins a new positive cycle.
Additionally, the impending bullish crossover of the MACD indicator strengthens the bullish cycle. If the uptrend continues, the altcoin can reclaim the $100 mark to challenge $150.
Read also: Solana Climbs Towards $140 Despite Bearish Network Activity: Will Sellers Defend SOL Price?