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Ongoing developments in the DeFi market suggest that Lido (LDO), Uniswap (UNI), and Aave (AAVE) could be set for independent upside price breakouts. Each of these coins has shown significant price actions that suggest an impending rally or are engaged in protocol developments that would improve their adoption levels.
Lido (LDO)
Lido is one of the most famous liquid staking protocols in the crypto industry. It is a growing ecosystem for Layer 1 Proof-of-Stake (PoS) blockchains and supports Ethereum 2.0. Lido’s native coin, LDO, consolidated from an initial surge in Q1, 2023. It dropped to $1.58 after reaching a yearly high of $3.41. However, LDO has sustained an uptrend supported by a long-term trendline spanning over one year.
LDO has recently broken above a downward trendline on the weekly timeframe, with the possibility of achieving higher price levels. Data from DeFiLlama also shows a steady rise in LDO’s Total Value Locked (TVL), reflecting an influx of capital into the liquid staking protocol’s ecosystem. LDO traded at $2.187 at the time of writing.
Uniswap (UNI)
Uniswap is a leading DeFi protocol for enabling token swaps and trades. Its governance token, UNI, has been on an impressive rally over the past few weeks. Since the middle of June, UNI has climbed from a $3.6 low to a current price of $6.0. The recent rally reflects a 67% gain in about one month.
UNI’s weekly chart on TradingView shows the price has broken above a long-term downward trendline. That marks a significant breakout to the upside, reflecting a sustained momentum for the current price rally. The rally began after UNI established a double bottom that spans over one year. Analysts expect UNI’s price rally to continue, despite a TVL of $3.84 billion that has remained relatively stable since the beginning of the year.
Aave (AAVE)
Aave is a decentralized crypto lending platform with a native token AAVE that can earn interest through staking. Aave’s price surged by 87% in the past month, moving from $47.18 to $88.06. The price has retraced to $77.86 at the time of writing, despite a sustained bullish momentum.
Aave broke above a long-term trendline with the current rally after bouncing off support created by multiple bottoms. Users believe the upcoming launch of a decentralized stablecoin, GHO, on Aave would improve the protocol’s adoption level and support the potential price rally.
Data from DeFiLlama shows Aave’s TVL rose from $3.697 billion in January to $6.09 billion at the time of writing. That reflects an influx of funds into the protocol’s ecosystem and increased adoption of the Aave protocol.
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