The YFI has fallen below the resistance at $ 16,000 and is following a descending resistance line.
The SUSHI is trading between the support at $ 0.67 and resistance at $ 0.87.
The UNI rebounded from a strong fibonacci level and regained an area of minor resistance
Three pieces of DeFi (decentralized finance), Yearn.Finance (YFI), SushiSwap (SUSHI) and Uniswap (UNI) could approach a bottom. Having said that, UNI and SUSHI are showing signs of a bullish reversal as the YFI lags behind.
Cryptocurrency trader @thetradinghubb highlighted several DeFi token charts, including the YFI, SUSHI, and UNI. He thus asserts that the latter are close to a short-term bullish turnaround.
In this article, we’ll take a brief look at each of these three tokens to determine what their next move will be.
The YFI price has been declining since the September 12 high. It has been following a descending resistance line since October 1. Price dropped below the $ 16,000 area and then validated it as resistance.
Unless the price breaks the descending resistance line, a decline towards $ 11,000 seems to be the most plausible option.
Additionally, the YFI appears to have completed a bullish momentum with the September 12 high, and then started a correction
The SUSHI price has been rising since October 7, when it hit a low at $ 0.551. The rally continued until it climbed to a high of $ 0.873 on October 10. The price has since followed a downward resistance line.
Price hit the rally’s 0.618 fibonacci level, located at $ 0.67, before creating a long lower wick and rising again.
Technical indicators are neutral, knowing that there is a slight bullish divergence in the MACD. The RSI, on the other hand, is below 50 and declining.
That said, a move above the descending resistance line would likely bring price towards the resistance area of $ 0.87.
The UNI has been up since October 7, when price hit a low at $ 2.47. The rally continued until price climbed to a high of $ 3.66 on October 10.
On October 14, UNI bounced back to the full rally’s 0.618 fibonacci level at $ 2.93 and created a long lower wick, indicating buying pressure. Price is now up to $ 3.66 but needs to break through the descending resistance line.
UNI showed several signs of a bullish reversal, such as a bullish divergence ahead of the rally and a resurgence of a minor support area.