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