Best Performing DeFi Tokens To Buy This Week
The post Best Performing DeFi Tokens To Buy This Week appeared first on Coinpedia Fintech News
With the crypto market anticipating a bullish comeback in Bitcoin prices from $60,000, the declining sentiments gradually come to a halt. Under such conditions, the DeFi tokens are starting to shine, teasing a potential surge in the coming week.
Further, amongst the top performers, JUP, CFX, and AVAX rank as the top-performing DeFi tokens today. Thus, these altcoins offer a lucrative entry opportunity to the sideline traders. So, let’s look closer at the top 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 cap, reflecting a potential trend reversal. The reversal chances arise after the 58% decline, forming a falling wedge pattern in the daily chart.
Taking support at the 78.60% Fibonacci level, the DeFi token shows lower price rejection from the declining trendline. Further, a double bottom pattern is visible at a lower timeframe.
The DeFi token has surged by 15% in the last four days and marks a positive cycle in the wedge pattern. Thus, with the changing underground landscape, the JUP price trend reveals a massive upside potential.
If the bull run continues for a breakout rally, Jupiter’s price can resurface above the $1 psychological mark. On the upside, $1.25 and $1.50 are potential upside targets for this Decentralized Finance token.
Trend Reversal For CFX Teases Bull Run Ahead
Similar to the DeFi token, JUP, Conflux price action shows a declining trend after a peak formation at $0.51. Failing to sustain above the psychological mark, the increased supply leads to a death cross between the 50D and 200D EMA.
The bearish phase in the CFX price results in a drop to the $0.13 mark and a falling wedge pattern. Currently, the DeFi token shows a positive cycle with the potential to outgrow the bearish pattern.
Thus, the increasing demand reflects the Conflux price action, which is ready for a breakout run. With the increased breakout momentum, the DeFi token can reach the $0.30 mark or the 50% Fibonacci level next week.
Bullish Pattern For Avalanche Eyes $42
With a bullish revival, the AVAX price trend teases a conclusion to the intense pullback phase. The DeFi token teases an inverted head and shoulder pattern as it tests a supply zone at $28, the anticipated neckline for the bullish pattern.
With the sentiments improving for the broader market and the DeFi segment, the AVAX price could experience a surge next week. Teasing a bullish breakout, the altcoin can resurface above the $30 next week.
With the additional momentum, Avalanche’s price can reach the $42 mark.
