DeFi
The best DeFi tokens to invest for a 2x increase in June
With Bitcoin price bullish below $70,000 and Ethereum aiming to surpass $4,000, the crypto market is turning bullish. Amid growing investor confidence, DeFi tokens are making a comeback this season.
With a bullish month, the uptrend of DeFi tokens provides lucrative entry opportunities for secondary traders. So let’s take a closer look at the top DeFi tokens to buy for a 2x increase in June.
Chain link (LINK)
With a market capitalization of $10.78 billion, this Oracle token is showing an upward trend with the rise of the DeFi sector. LINK price’s bullish reversal from the $13.13 support level represents 40% over the last 14 days.
In line with the trend-based Fibonacci levels, the recovery is now approaching the 50% Fibonacci level. Additionally, the 50D and 200D EMAs avoid a bearish crossover and restart an uptrend.
As the uptrend approaches the $20 mark, the possibility of a price rally increases for the LINK token amid a broader market rally. In such a case, the rise could peak at $34 in June.
Thorchain (RUNE)
With a bullish recovery in action, RUNE price shows a 28% jump over the last 28 days. Additionally, improving underlying sentiments are evident with the double bottom trend at the 50W EMA.
According to Fibonacci levels, the 23.60% level is a strong support level with the bulls challenging the 38.20% level. Additionally, RUNE price shows a reversal of the rounded bottom with a golden crossover in the weekly 50W and 200W EMAs.
As demand improves in DeFi sectors, RUNE price could reach the 50% Fibonacci level at $10. Furthermore, a rally could reach the $15.49 mark by the end of June.
Uniswap (UNI)
UNI price action shows a bullish reversal from the 50W EMA, challenging the overhead resistance trendline. This increases the chances of a trend reversal of the DeFi token.
With a massive 46% jump in the past week, the bullish engulfing candle increases the possibility of a price rally. As buyers anticipate a bullish breakout of the overhead resistance trendline, UNI price trend aims to reach $20 in June.