The Majority of major cryptocurrencies experienced limited growth in the second month of 2023. However, the resulting sideways or correction phase is expected to be advantageous for coin holders as it presents an opportunity for buyers to regain bullish momentum. Thus, here are some handpicked Defi coins, with technical setups to prolong the bullish recovery in 2023.
Avalanche(AVAX)
Over a month, the Avalanche coin price has been wobbling between two fixed levels of $21.65 and $17.58. This consolidation came after an explosive rally indicating the coin price is likely taking a short break from aggressive buying.
By the press time, the AVAX price trades at the $18.3 mark and shows a bullish reversal sign at $17.58 support. If the buying pressure persists, the coin holders could witness a bull cycle within this pattern leading AVAX price to $21.65.
Anyhow, the traders looking for an entry opportunity should wait for a breakout from this range.
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Uniswap(UNI)
The last six months’ price action in Uniswap coin price shows the formation of an expanding wedge pattern. This pattern is visible when the prices continue to resonate between two diverging trendlines and make larger price swings over time.
In theory, the formation of this pattern is a sign of high volatility in the market. As of now, the UNI price has recently rebounded from the pattern’s support trendline, triggering a new bull cycle within this pattern.
Under the pattern’s influence, the UNI price may rise back to the overhead trendline around the November 22nd peak of $7.8.
Anyhow, a breakout from the pattern’s resistance trendline is crucial to begin a directional rally.
Graph(GRT)
Amid the parabolic growth witnessed during January and early February, the Graph coin price created a local top at the $0.21 mark. However, with the increasing bearishness in the market, the price turned down from the new resistance and tumbled 30.5% down to reach the $0.146 mark.
Over the past week, the GRT price has rebounded from the $0.146 support several times indicating the buyers are actively accumulating at this dip. By the press time, the coin price trades at the $0.16 mark and with sustained buying, it may rechallenge the $0.187 barrier, followed by $0.21.
