DeFi Season 2022: AAVE, UNI, YFI & XRD Eyeing Massive Upswing!
The bears are back in control today as the crypto market slips and trades in red. Bitcoin and Ethereum have yet again slipped below the resistance of $50K and $4K respectively. All other altcoins are also trading red this morning.
According to a famous crypto analyst, a supercycle for altcoins is underway, and he’s targeting four crypto assets for huge gains.
Nicholas Merten warns his 489,000 YouTube followers in a new strategy session that while the king crypto Bitcoin (BTC) may appear to be stationary, interest in altcoin initiatives is set to skyrocket.
The DataDash host is intrigued by Aave (AAVE), a decentralized finance (Defi) platform that has risen 63 percent versus Bitcoin (AAVE/BTC) in the last 12 days.
He says this is a significant price breakout, and we’re back to levels we haven’t seen since October 7th, as well as the prior lows [0.005727 BTC] in June of 2021.
If we can break over this range, it will lay the groundwork for another big rally in AAVE, similar to what we saw in January and May of 2021, he further explains.
At the time of writing, AAVE is trading at $281.87 down by 1.7% in the last 24 hours. The token has traded in the range $267-$291 in the last 24 hours.
Merten is also keeping an eye on Uniswap (UNI), an Ethereum-based automated crypto exchange that is rising nicely against BTC following a sluggish decline during the summer and fall months. He believes UNI has the foundation to continue its upward trend.
At the time of writing, UNI is trading at $18.63 down by 2.2% in the last 24 hours. The support on the downside is at $18 and the resistance on the upside is at $20.
Yearn Finance (YFI)
Yearn.Finance, which recently skyrocketed when the project completed a big buyback of its native token YFI, is also examined by the crypto analyst.
He calls it, “One of the fair-launch protocols in the crypto space, up 62%… just in the past 12 trading days.”
At the time of writing, YFI is trading at $30,139 down by 5.4% in the last 24 hours. The trade has been volatile in the last 24 hours as it traded in the wide range of $29,523 – $34,680.
Merten wraps up his presentation with Radix, a developer-friendly layer-1 DeFi protocol (XRD).
He says the token has been able to turn old resistance into fresh support, to go up from roughly $0.22 to $0.30 in the last two weeks. Hence, here’s where the next wave is starting to get traction. And we’ve seen that when a young project like Radix takes off, it takes off big.
At the time of writing, XRD is trading at $0.310 up by 6.9%. The resistance on the upside is at $0.32 and the support on the downside is at $0.29.