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DeFi Coins Gain Positive Momentum as Major Cryptos Lost Their Way

thenewscrypto.com 14 October 2021 03:35, UTC
Reading time: ~2 m

  • Avalanche’s price has been falling steadily since mid-September.
  • The rise in Uniswap pricing is due to the volume increase in Uniswap.

China has always influenced Bitcoin, especially recently. Every time the asset has lost almost 10% of value. When Binance stopped trading futures in Europe, the BTC price responded similarly. The DeFi sector is growing and diversifying from the mainstream crypto world.

These include Injective Protocol, PancakeSwap, and Reef. While Avalanche (AVAX), Curve DAO (CRV), Uniswap (UNI), and dYdX (DYDX) prices steadily surged.

The rise in Uniswap pricing is due to the enormous volume increase in Uniswap. The price likewise surged over 12% in a short period before consolidating. Despite this, the price remained around 24-hour highs.

Avalanche’s price has been falling steadily since mid-September, despite a few flips. However, the price reversed and is now heading north. The price must make continuous higher highs to reach $60 to confirm an uptrend.

Tremendous Wave of Momentum

Chainlink price has inverted parabolic and is now moving inside an inverse head & shoulder pattern. So, if the price follows the trend, a price drop may be on the horizon. Prices may be maintained at $17 if the LINK price breaks local support at $22. A short-term recovery may push the price towards $30 and ultimately close to the ATH.

When bad news from China came out, the crypto market went down, causing a significant price decrease for most currencies. After a significant loss, most coins return to normal. Moreover, a tremendous wave of momentum appears to be building in the DeFi sector, pointing to a DeFi Boom before the Altseason. Thus, a lot of DeFi coins are gaining positive momentum as the major cryptos lost their way.

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