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The prevailing bullish momentum has lifted the entire crypto space, with DeFi tokens and memecoins following the AI bull run
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Two major DeFi tokens have shown a strong run after rising above their respective barriers, raising the question of whether the bulls have shifted their focus or have simply taken a break.
The crypto markets are currently on the edge of a massive explosion as the majority of the tokens have soared above bearish influence. As Bitcoin gained some strength, the DeFi space, which traded under the shadows for quite a while, began to gain adequate attention. Currently, memecoins are staying in the lead but other sectors like DeFi are expected to gain back the momentum very soon.
In the past few days, Uniswap (UNI) & Sushiswap (SUSHI), popular DeFi tokens, have managed to soar by more than 200%. Amid the sparking assumptions of a healthy pullback, the tokens are preparing for a healthy move towards new highs.
Uniswap (UNI) Price Analysis
- Soon after the breakout from the descending trend line that acted as a resistance, the price soared by more than 180%
- With this, the Uniswap price has soared above the ‘key resistance’ at $13.5, which has previously acted as strong support and is expected to remain as strong support in the event of a bearish reversal.
- However, the technicals go in favour of the bulls, as the DMI is bullish, with both levels diverging apart and the ADX rising high. Alongside, the MACD has risen to positive levels for the first time since the 2022 bear market, with significant buying pressure.
- Therefore, the UNI price is believed to maintain a healthy upswing and clinch the crucial resistance zone between $19.02 and $20.12, which may validate the strengthening of the bull run to form a new ATH
Sushiswap (SUSHI) Price Analysis
- Similar to UNI, SUSHI’s price also triggered a 200% upswing after the breakout from the multi-year descending trend line.
- The volume has soared to the 2021 bull run levels, indicating a massive rise in trading activity, which is expected to keep up the momentum
- However, the RSI is yet to surpass the upper threshold, which could validate the beginning of a fresh bull run to form a new ATH
- Therefore, the SUSHI price is stuck within the key resistance zone between $1.56 and $$1.88 and is expected to hold until the weekly close and begin the fresh weekly trade with a fresh rise beyond the zone.
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