Bitcoin went on a bearish ride when news of a COVID-19 vaccine was announced. Later the BTC price has maintained its resistance and currently trading around $15,300. The leading alternative coins have also cooled down as Ethereum sits around $450 and Ripple at $0.25.
On the other hand, the DeFi market is making comeback after two months following Bitcoin’s run-up. yEarn Finance (YFI ), Uniswap (UNI), and Aave (AAVE) are leading with major gains.
Yearn Finance (YFI) price crossed Bitcoin Price
The YFI price has also broken out from a descending resistance line and reclaimed the $13,000 support area shortly. At press time, Yearn Finance is trading at $17,409.73 holding 37th position. According to coinmarket cap, the maketcap of YFI is $521,729,678 with $618,931,710 trading volume.
Currently, YFI price has stepped into a consolidation period after surging nearly 143%. On the 4-hour chart, we can see a clear shift in the momentum of the trend which has turned bullish.
IntoTheBlock’s IOMAP shows that over 1,000 addresses are holding nearly 10,500 YFI around this price level.
If the price breaks out and continues moving upwards, it could reach the next resistance area at $21,000. Also, an increase in the buying pressure behind this cryptocurrency could take it to trade at around $19,000.
Uniswap (UNI ) Price all set for the ultimate Bull Run
Over the past four days, uniswap price has surged more than 68%. But the bullish impulse seems to have been contained by the 200-four-hour moving average on the 4-hour chart.
At present Uniswap is trading at $2.80 with 5% gains. UNI token is holding a market value of $608,367,991 with $482,381,574 trading volume.
A bullish divergence above the MACD indicates that buyers have more influence over UNI; therefore, the uptrend is likely to extend higher.
The Relative Strength Index adds credibility to the bullish outlook by drawing closer to the overbought area.
Price action above the upper trendline might kick start a rally, leading to a 16% upswing to $3.2.
IntoTheBlock’s IOMAP shows that approximately 1,800 addresses bought 6.7 million UNI between $2.87 and $2.95.
Aave Price Approaching Towards Critical Resistance
AAVE seems to be pulling away as the best large-cap cryptocurrency of the past week. The AAVE token is up 83% in the past seven days alone, having bounced strongly from its local lows.
Currently, AAVE is trading at $59.62 with 15% gains. AAVE token is holding the market cap value of $697,797,729 USD with trading volume $404,327,690 USD.
Despite the significant gains incurred in such a short period, prices could be preparing to retrace.
As long as AAVE, UNI, and YFI can hold above their respective demand barriers, the bullish outlook will prevail.