DeFi Sector Sees 16% Weekly Growth – UNI, LINK & AAVE Price Analysis

The DeFi sector continued to grow this week after another 16.7% hike in the market cap, bringing it up another $10 billion to the current $71.63 billion.

Another notable metric to point out on the DeFi side is the fact that the volume has increased by almost 50% over the past 7-day, indicating increased interest is appearing within the sector again.

An increasing DeFi market is a great indicator of what is about to come. If the interest in DeFi continues to increase, we can expect a significant recovery within the entire industry over the coming weeks.

Let us look at three of DeFi’s top performers this week, including UNI, LINK, and AAVE.

Uniswap price analysis

What has been going on?

Uniswap is the DeFi king with a total market cap value of around $13.6 billion, putting it in the 10th ranked position overall. The cryptocurrency is up by a strong 26.8% over the past week but still remains down 11.6% over the month as it sits at $23.19.

During the mid-May market capitulation, UNI fell from above $44 and dropped as low as $12.96 (.786 Fib Retracement), where it rebounded at the end of the month. At the beginning of June, UNI fell lower from the 50-day MA level and continued beneath the 200-day MA at around $21. It continued further as it dropped beneath $20 to reach as low as $14 during the month when it finally rebounded. 

At the start of July, UNI began pushing higher again. It broke back above $20 this week and continued back above the 200-day MA. 

It is now testing resistance at a falling trend line that spans the month of June. It would need to break this trend line to capitalize on the recent bullish pressure.

UNI/USD price short-term prediction: Neutral

UNI still remains neutral in the short term and must break the June highs of around $29 to turn bullish again. On the other side, a closing candle beneath $16 would turn the market bearish in the short term.

If the sellers do push lower, the first level of strong support lies at $21 (200-day MA). This is followed by support at $20 (20-day MA), $18.79 (.5 Fib Retracement), $17.60 (.618 Fib Retracement), and $16 (.786 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first resistance lies at around $23.20, provided by the June falling trend line. Above this, resistance lies at $25 (100-day MA), $27.23 (1.414 Fib Extension), and $29 (bearish .5 Fib Retracement & June highs). Above this, added resistance is found at $30 and $32.75 (bearish .618 Fib Retracement).

Chainlink price analysis

What has been going on?

LINK is up by a strong 11% over the past week as the coin currently trades at around $21.30. The coin is still down 23.75% over the month as it holds a market cap value of around $9.24 billion, putting it in the 15th ranked position.

LINK is seeing a similar chart pattern to UNI as it sits beneath a falling trend line that spans June. The cryptocurrency fell into the $14 support at the end of June and rebounded from there as it started to grind higher. 

Yesterday, LINK managed to finally break back above the 20-day MA at around $20 to reach the June falling trend line.

LINK/USD price short-term prediction: Neutral

LINK is neutral right now and would have to break the June high at around $32 to turn bullish. On the other side, a break beneath $16 would turn the market bearish in the short term.

If the sellers push lower, the first support lies at $20 (20-day MA). This is followed by $18.65, $17.74 (.5 Fib Retracement), $16.92 (.618 Fib Retracement), and $15.77 (.786 Fib Retracement).

Where is the resistance toward the upside?

On the other side, if the bulls can break the June falling trend line, the first resistance lies at around $24 (50-day MA and bearish .236 Fib Retracement). This is followed by $26 (200-day MA), $27 (100-day MA), and $30 (bearish .382 Fib Retracement).

Beyond $30, added resistance lies at $32 (June highs), $34.63 (bearish .5 Fib Retracement), and $39.26 (bearish .618 Fib Retracement).

AAVE price analysis

What has been going on?

AAVE is up by a very strong 39% over the past week as the coin currently trades at around $323. AAVE has a market cap value of around $4.14 billion, putting it in the 25th ranked position.

The cryptocurrency is currently testing resistance at the 100-day MA. It had reached as low as $170 toward the end of June but rebounded from there as it started to push higher inside an ascending price channel. At the start of the weekend, AAVE managed to break resistance at the 20-day MA, and it continued above the 200-day MA at around $310 on Monday.

AAVE/USD price short-term prediction: Neutral

AAVE is neutral right now and would have to overcome the June highs of $400 to turn bullish in the short term. On the other side, a break back beneath $200 is likely to turn the market bearish.

If the sellers push lower, the first support lies at $310 (200-day MA). This is followed by $300, $276 (lower boundary of price channel), $240, and $200.

Where is the resistance toward the upside?

On the other side, the first resistance for AAVE lies at the 100-day MA at $330. This is followed by $360 (upper boundary of the wedge), $373 (bearish .382 Fib Retracement), $400 (1.272 Fib Extension & June highs), and $437 (bearish .5 Fib Retracement).

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