DeFi
Top Performing DeFi Tokens to Buy This Week
As the cryptocurrency market anticipates a strong comeback in the price of Bitcoin from $60,000, the bearish sentiment is gradually stopping. Under such conditions, DeFi tokens are starting to shine, hinting at a potential upside in the coming week.
Moreover, among the top performers, JUP, CFX, and AVAX rank among the best-performing DeFi tokens today. Thus, these altcoins offer a lucrative entry opportunity for secondary traders. So, let’s take a closer look at the best DeFi tokens to buy for a bull run next week.
Wedge Breakout in DeFi Token JUP Eyes $1.50
With an 8.88% jump overnight, Jupiter surpasses the $1 billion market capitalization, reflecting a potential trend reversal. The chances of a reversal come after the 58% decline, forming a descending wedge pattern in the daily chart.
Taking support from the 78.60% Fibonacci level, the DeFi token is showing a lower price rejection from the downtrend line. Additionally, a double bottom pattern is visible on a lower time frame.
The DeFi token has surged 15% over the past four days and marks a positive cycle in the wedge pattern. So, with the evolving underground landscape, JUP’s price trend reveals massive upside potential.
If the uptrend continues and a rally breaks out, Jupiter price may resurface above the psychological $1 mark. On the upside, $1.25 and $1.50 are potential upside targets for this decentralized finance token.
Trend reversal for CFX signals bull run ahead
Similar to the DeFi token, JUP, Conflux price action is showing a downtrend after a spike formation at $0.51. Failing to sustain above the psychological mark, the increase in supply is leading to a deadly cross between the 50D and 200D EMAs.
The bearish phase of CFX price results in a fall to the $0.13 mark and a descending wedge pattern. Currently, the DeFi token is showing a positive cycle with the potential to break out of the bearish pattern.
Thus, the growing demand reflects the price action of Conflux, which is ready for a breakout. With the breakout momentum increasing, the DeFi token may reach the $0.30 mark or the 50% Fibonacci level next week.
Bullish Avalanche Eye Pattern $42
With a bullish recovery, the AVAX price action marks the conclusion of the intense pullback phase. The DeFi token is teasing an inverse head and shoulders pattern as it tests a supply zone at $28, the anticipated neckline for the bullish pattern.
With the improving sentiments in the broader market and DeFi segment, AVAX price could see a sharp rise next week. By announcing a bullish breakout, the altcoin could resurface above $30 next week.
With this added momentum, Avalanche price may reach the $42 mark.