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Which DeFi Tokens You Should Buy in July

Even though big names like Bitcoin and Ethereum are struggling, there’s hope. Some low-cap altcoins are beginning to show a recovery. Among these, DeFi tokens are catching attention. Tokens like AAVE and CVX are seeing positive trends, hinting at a possible bull run. Let’s dive into a detailed price analysis of these DeFi tokens 

Graph showing price analysis of CVX and AAVE DeFi tokens
Source: https://www.nuwireinvestor.com/how-to-invest-in-best-defi-coins/

Key Takeaways: 

CVX Token: 

Shows potential growth within a bearish channel. 

  • Bullish indicators suggest a recovery rally. 

AAVE Token: 

  • Struggling near $100 but showing signs of breaking free from bearish trends. 
  • Potential to reach $150 if the bullish trend continues. 

CVX Token Analysis: Trapped in a Channel 

The weekly chart for CVX shows a generally downward trend. This has created a bearish channel. Currently, CVX is in a bullish cycle within this channel. 

  • Current Price: $3.18 
  • Overnight Price Jump: 8.62% 

The fight between demand and supply is intense, reflecting high volatility. Signal lines and the MACD point to a bullish crossover. The RSI line is close to surpassing 50%, indicating potential growth. 

  • Short-Term Target: $4.50 
  • Optimistic Target: $7.62 

Here’s a summary of the CVX token’s key metrics: 

Metric 

Value 

Current Price 

$3.18 

Price Jump 

8.62% 

Short-Term 

$4.50 

Optimistic 

$7.62 

 

AAVE Token Analysis: Overcoming Bearish Patterns 

The AAVE token has been stuck near the $100 mark. A head and shoulders pattern formed with a trendline acting as the neckline. But recent trends show underlying demand at lower levels. This demand is helping AAVE break free from bearish patterns. 

  • Current Price: Hovering near $100 
  • Weekly Price Jump: 16% 

The MACD indicator shows a bullish crossover on the horizon. If the trend continues, AAVE can reclaim the $100 mark and potentially reach $150. 

Metric 

Value 

Current Price 

Near $100 

Weekly Jump 

16% 

Short-Term 

$100 

Optimistic 

$150 

Conclusion 

Despite the slump in major cryptocurrencies, DeFi tokens like CVX and AAVE are showing promise. Their recent price jumps and bullish indicators hint at a possible recovery rally. Keep an eye on these tokens as they might lead the way in the upcoming bull market. 

June 28, 2024 at 12:00 pm

Updated June 28, 2024 at 12:00 pm

Disclaimer

Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions. (Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)

FAQ

DeFI stands for decentralized finance, offering open and accessible financial systems built on blockchain technology.

Yield farming involves earning interest by lending or staking cryptocurrencies.

Layer 1 blockchains are the primary networks (e.g., Ethereum), while layer 2 blockchains scale and improve performance on top of them.

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