The crypto market continues to be fully engulfed in an upward trend, and one of the segments that has benefited the most is decentralized finance. To give you an idea, one of the main DeFi tokens has already accumulated a rise of more than 3,000% so far this year.
Without a doubt, this sector of the crypto market is showing surprising returns, and it is always worth doing a review of the behavior of the largest projects.
UNI continues to lead among major DeFi tokens
The decentralized exchange token Uniswap continues to defend its position as the largest among the DeFi, after 1 week ago after a rally of more than 60%, it managed to snatch the position from Chainlink.
At the time of this writing, UNI is trading at $ 31.53, accumulating a gain of 0.89% in the last 24 hours.
The last few days have not been volatile at all for UNI price, however, thanks to the previous bullish force being undoubtedly dominant, we are most likely seeing a break before moving up further.
On the daily chart we see a clear cumulative period in the form of a bullish pennant, making support above $ 28.75.
Most of the odds are on the bullish side. A good confirmation that the trend is being resumed is the break of resistance at $ 32.50.
In case we see the support at $ 28.75 being breached, we could see higher sales until reaching the next support at $ 25.50.
Chainlink makes support at $ 22.50
Who until recently was the largest among the main DeFi tokens was displaced from its position, because the volatility of its price has dissipated a lot.
Today LINK is trading at $ 30.07, accumulating a profit of 1.00% in the last 24 hours.
4 weeks ago while the entire crypto market corrected, the native token of the Chainlink network did also, thus going up to the immediate support zone at $ 22.50.
Thanks to the predominantly bullish force the support was defended. Now the trend should be starting a new momentum in search of all-time highs.
As long as that support at $ 22.50 is not breached, most of the odds remain on the buyers’ side.
LUNA is now the 3rd largest DeFi token
And we are going with the surprise of the last weeks. LUNA, native to the Terra protocol, has just been crowned as the third largest among the main DeFi tokens, thanks to an exponential growth in its price of more than 3,000% so far this year.
Just so far this month LUNA has risen almost 300%, bringing it to trade at $ 20.60 at the time of writing.
Terra is a decentralized protocol that provides stablecoins pegged to fiat currencies to power payments systems globally. The purpose of the project is to combine the price stability offered by fiat currencies with the censorship resistance of Bitcoin.
In addition to being used to stabilize the prices of the stablecoins offered by the protocol, LUNA also functions as a means of governance.
With an incredible parabolic rise, where only slight setbacks have been necessary, this token could safely continue to rise in the coming days.
Although we could see a correction due to how widespread the current momentum is, there are no signs that this is going to happen too soon.
All our publications are informative in nature, so in no case should they be followed as investment advice.