UNI, LINK, & AAVE Price Analysis – DeFi Begins Rebound From 8% Weekly Drop

The DeFi coins took quite a hit this week after Bitcoin dipped beneath the $30K level. The steep price fall caused the DeFi total market cap to drop by a total of 8% over the week as it now sits at around $55.95 billion.

Despite the sharp weekly price drop, the notable DeFi projects are showing promising signals as they try and recover from the weekly hit and begin the reversal process.

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?

UNI bounced by a strong 6.5% today as the cryptocurrency rebounds from the June lows at $13.90 to climb back toward $16. Despite the 6.5% price hike today, UNI is still down by a total of around 12% over the past month of trading. 

It failed to break resistance at around $28 during the start of July and has been declining from there ever since. At the start of June, it did attempt to push higher but was rejected by resistance at $22.50, provided by a 50-day MA. 

This week’s price fall caused UNI to head back into the June lows. A break beneath the June lows would be pretty detrimental to the price and would signal further declines toward $10 are on the way.

UNI is now ranked in the 11th position as it holds a $9.32 billion market cap value.

UNI/USD price short-term prediction: Neutral

UNI can be considered neutral, but a break beneath the June low at $13.90 would turn the market bearish in the short term. To turn bullish, it would need to break beyond the July highs at $22.50. Realistically, a break above the June highs at $29 would confirm a bull trend has been re-established.

Looking ahead, if the bears push lower, the first support lies at $15. This is followed by $13.90, $12.95 (.786 Fib Retracement), $12, and $10. 

If the sellers continue to drive UNI beneath $10, additional support can be found at $8.88 (.886 Fib Retracement), $7.50, and $6.62 (downside 1.414 Fib Extension).

Where is the resistance toward the upside?

On the other side, the first resistance lies at around $17.50 (20-day MA). This is followed by resistance at $20 (200-day MA), $22.50 (100-day MA), and $25.20 (bearish .382 Fib Retracement). 

Beyond this, added resistance lies at $27.23 (1.414 Fib Extension), $28.96 (bearish .5 Fib Retracement), and $30.

Chainlink price analysis

What has been going on?

LINK bounced by a strong 7% today as the cryptocurrency hit support at $13.36 and pushed higher toward $15. Despite today’s rebound, LINK is actually down by over 20% over the last month of trading. This week’s price drop caused LINK to create a fresh low that has not been witnessed since January 2021. 

There is a descending trend line directly above the price right now, and a break above this might be the first signal to show that LINK is attempting a rebound higher. Unfortunately, the new 6-month-low created this week has certainly turned LINK bearish in the short term.

LINK is ranked in the 15th position as it currently holds a $6.51 billion market cap value.

LINK/USD price short term prediction: Bearish

The new 6-month trading low has turned LINK bearish in the short term. To turn neutral again, LINK would need to break the falling trend line at around $15. It would need to continue beyond $21 (July highs) to start to turn bullish in the short term.

Looking ahead, the first support lies at $14. This is followed by support at $13.36, $12.50, $11.10, and $10. 

Added support lies at $9.35 (downside 1.272 Fib Extension), $7.50, and $6.72 (Downside 1.414 Fib Extension).

Where is the resistance toward the upside?

On the other side, the first resistance lies at $15. Thi is followed by $17 (20-day MA), $18.65, $20.75 (2019 high & 50-day MA)< and $22.95 (bearish .236 Fib Retracement).

AAVE price analysis

What has been going on?

AAVE also witnessed a strong 12.75% price hike today after rebounding from yesterday’s low of around $210. AAVE is actually positive over the last month of trading and is up a total of around 5%. 

The coin rebounded from support at $170 at the end of June and established a rising price channel in the first few days of July. It managed to surge as high as $355 but could not close a daily candle beyond $320 and rolled over from there.

Since then, AAVE has formed a falling price channel and recently found support at the lower boundary of the channel.

AAVE is ranked in the 27th position as it currently holds a $3.16 billion market cap value.

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.

Looking ahead, if the sellers push lower, the first support lies at $210. This is followed by $200, provided by the lower angle of the price channel. Beneath the channel, support lies at $170 (June lows), $160, and $130.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $250 (upper angle of the price channel). This is followed by $260 (20-day MA), $280 (50-day MA), and $300 (200-day MA).

Beyond the 200-day MA, added resistance lies at $320 (100-day MA), $350, $360, and $373.

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