The post Will AAVE and UNI Prices Skyrocket 200% in 2024? appeared first on Coinpedia Fintech News
As the bullish trend in the crypto market regains momentum, the recent recovery brings a refreshing shift in the DeFi space. With the rising demand for AAVE and UNI for staking activities, these altcoin prices are ready for a trend reversal.
Amidst Bitcoin struggling to hit $60K and Ethereum to sustain $3K, these altcoins are attention grabbers of the smart money trail. So, let’s look at the price analysis of these DeFi tokens for bullish entry opportunities.
Will AAVE and UNI Make A Comeback?
With a 5.68% return in the last seven days, the AAVE token is gradually gaining momentum. However, the UNI token is down 2.66% in the same time span.
With a $1.335 Billion market cap, AAVE ranks #59, and Uniswap, with a $4.778 Billion market cap, ranks #22 in the crypto world. Despite such high valuations, the DeFi tokens showcase massive upside potential in their price chart.
Uniswap’s End Of Correction Prediction
In the weekly chart, the UNI token price reveals a strong declining trend with a long-coming resistance trendline. The correction phase forms a double top with a neckline at $7.
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Currently, the UNI token trades at $7.972 with an intraday move of 4.24% amidst the broader market minor recovery. While the chances of downfall are prominent, the reverse divergence in the weekly RSI line puts forth a bullish prediction.
With a bullish reversal, the UNI price could challenge the overhead trendline and offer a breakout opportunity. As per the Fibonacci levels, the uptrend could scale to the 50% retracement level at $23.23. Hence, amidst AAVE and UNI, the Uniswap token reveals an upside target of almost 200% in the near future.
Will AAVE’s Recovery Break The Triangle?
Similar to the weekly chart of UNI, the AAVE price trend reveals a massive 86% drop from the all-time high of $666. The bullish stance at $45 results in the ongoing recovery after a long consolidation phase.
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With a triangle breakout, the AAVE price forms another consolidating but trend continuation triangle pattern. This week, the altcoin is up 15.15% after the 20% drop in the previous week. However, the recovery, bullish crossover chances in MACD, and the divergence in RSI support the breakout possibility.
As per the Fibonacci levels, the uptrend in AAVE price could reach the 50% retracement level at $286. Hence, amidst AAVE and UNI, the AAVE token reveals an upside target of more than 200% in the near future.