Three DeFi Coins That Could Be Nearing a Bottom

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In Brief
  • YFI has fallen below the $16,000 resistance area and is following a descending resistance line.

  • SUSHI is trading between support and resistance at $0.67 and $0.87.

  • UNI has bounced at an important Fib level and re-claimed a minor resistance area.

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3 DeFi coins, Yearn.Finance (YFI), SushiSwap (SUSHI), and Uniswap (UNI) might be nearing a bottom, but UNI and SUSHI have shown some bullish reversal signs while YFI is lagging.



Cryptocurrency trader @thetradinghubb outlined several charts of DeFi coins, notably YFI, SUSHI, and UNI, stating that they are close to a short-term bullish reversal.

Source: Twitter

In this article, we’ll briefly look at all three coins and determine where they are heading towards next.



Yearn.Finance (YFI)

The YFI price has been declining since reaching a high on Sept 12. It has been following a descending resistance line since Oct 1. The price fell below the $16,000 area and validated it as resistance afterward.

Unless the price breaks out from the descending resistance line, a descent towards $11,000 seems the more likely option.

Furthermore, YFI appears to have completed a bullish impulse with the previous Sept 12 high and begun to correct.

YFI Chart By TradingView

SushiSwap (SUSHI)

The Sushi price has been increasing since Oct 7, when it reached a low of $0.551. The rally continued until the price reached a high of $0.873 on Oct 10. Since then, the price has been following a descending resistance line.

The price reached the 0.618 Fib level of the rally at $0.67 before creating a long lower wick and moving upwards.

Technical indicators are neutral since there is a slight bullish divergence on the MACD. The RSI, on the other hand, is below 50 and falling.

However, a breakout from the descending resistance line would likely take the price towards the $0.87 resistance area.

SUSHI Chart By TradingView

Uniswap (UNI)

UNI has been increasing since Oct 7, when the price reached a low of $2.47. The rally continued until the price reached a high of $3.66 on Oct 10.

On Oct 14, UNI bounced at the 0.618 Fib level of the entire rally at $2.93 and created a long lower wick, a sign of buying pressure. The price is now moving upwards towards $3.66 but first needs to break out from the descending resistance line.

UNI has shown several bullish signs, such as the bullish divergence before the rally and a reclaim of the $3.20 minor support area.

UNI Chart By TradingView

For BeinCrypto’s Bitcoin analysis, click here.

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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