DeFi
Buy DeFi Tokens for 50% Breakouts in Early August
By creating a bearish mark in the market pullback, the DeFi segment is rising against the trend of the cryptocurrency market. Despite Bitcoin’s drop in contrast with the anticipation of a new all-time high formation, these DeFi tokens are earning a “must buy” tag with their rapid jumps.
The following tokens are at crucial levels, with bids of over 50% upside in case of a potential breakout. So, for a better understanding, let’s look at the price analysis of DeFi tokens.
DeFi tokens to absolutely buy: Convex Finance
With a market cap of $327 million, Convex Finance offers considerable upside potential. Completing a positive cycle within a triangle pattern, bulls face opposition at a confluence of resistance.
The overhead supply is at the trendline and the 50% Fibonacci level is at $3.72, while the overnight 20% surge is taking a step back. Creating a bearish candle, the intraday pullback of 4.31% forms a piercing candle as a negative cycle looms.
However, as the market is expected to rebound this week, the CVX price uptrend anticipates a breakout. Moreover, the rising 50D EMA hints at a golden crossover.
A breakout in CVX price may push it past the 100% Fibonacci level at $5.48 for a new 52W high. Therefore, Convex Finance is on the list of must-buy DeFi tokens.
Creator (MKR)
With a bullish reversal from the dynamic support at the 50D EMA, the bullish recovery in MKR price offers an opportunity for a trend reversal. The overnight rise of 7.12% after days of Doji candles at the 50D EMA improves the overall sentiment.
With the 50% Fibonacci level acting as a resistance ceiling, the bullish breakout will release the stalled momentum. Moreover, the RSI line rising from the midline strengthens the breakout as demand increases.
A bullish breakout of the 50% Fibonacci level at $3,039 after the psychological barrier at $3,000 could push MKR price closer to $4,000. With a high-potential breakout move, Maker secures a spot on our list of must-buy DeFi tokens.
AAVE (AAVE)
By breaking a resistance trendline on the daily chart, AAVE reclaims the psychological $100 mark. Moreover, the uptrend is heading towards the 50% Fibonacci level at $110 to extend the recovery rally.
With a golden cross between the 50D and 200D EMAs, the overnight surge of 6.28% increases the chances of a breakout for AAVE. Given that the broader market is improving to provide an additional boost, the DeFi token can reach $142 before surpassing the psychological mark of $150.
Therefore, the high potential breakout move with the support of the ongoing recovery brings AAVE into our must-have DeFi tokens.