The post Best DeFi Tokens To Buy In July Before The Bull Market Begins appeared first on Coinpedia Fintech News
Ignoring the slump in the top crypto like Bitcoin and Ethereum, a recovery rally is starting to shine in the shadows of low-cap altcoins. In this underground bull market, the DeFi tokens are starting to shine bright with time.
The top DeFi Tokens, like the AAVE and CVX, tease a trend reversal with the overnight price jump. Will the bull run in these tokens continue on the bullish path to recovery?
Let’s look at the price analysis of the DeFi tokens for a deeper understanding.
The DeFi Token CVX Trapped In A Channel
In the weekly chart, the CVX price trend reveals an overall declining trend that gives rise to the bearish channel at play. Currently, the DeFi token shows a bullish cycle within the parallel channel.
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With a higher price rejection last week, the CVX price trades at $3.18 following the overnight jump of 8.62%. The ongoing brawl with high volatility between the falling channel reflects the high demand going against overhead supply.
Further, the MACD and signal lines project a bullish crossover, with the RSI line ready to surpass the 50% line. With the recovery rally in motion, the DeFi token can reach the $4.50 mark. Optimistically, a bullish breakout can pump the CVX price to the $7.62 peak.
AAVE Buyers Undermine Bear Pattern, Jumps 16%
In a sideways move, the AAVE token constantly struggles near the $100 psychological milestone. During the hustle, the DeFi token price action formed a head and shoulder pattern with a trendline as the neckline.
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However, with the recent recovery, the underlying demand for the DeFi token at lower levels undermines the bearish pattern. The AAVE price jumps by 16% this week and starts a new positive cycle.
Further, the bullish crossover impending in the MACD indicator bolsters the upcycle. If the uptrend sustains, the altcoin can reclaim the $100 mark to challenge $150.