Top 3 DeFi Tokens With Bullish Setup could Explode in April 2023
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Top 3 DeFi Tokens With Bullish Setup could Explode in April 2023

written by John Murphy | April 1, 2023

Overall, market sentiment has been uncertain, with most cryptocurrencies seeing significant corrections over the past two weeks. Despite this drop, we have hand-picked some Defi tokens that show solid bullish patterns. This technical setup should support the following tickets to continue the bullish recovery in April 2022. 

Key Takeaways

  • The majority of cryptocurrencies have been plagued by uncertainty. 
  • A low of $4.7 has been Uniswap’s low price for the past seven months.
  • Since four weeks ago, the Internet Computer Coin price has bounced twice from the $4.65 support level. 
  • In the daily chart, the theta value indicates the cup and grip pattern formation.
  • These three DeFi tokens, Uniswap, Internet Computer, and THETA, have a bullish setup. 

Uniswap (UNI) 

Uniswap’s price has been flat for the past seven months, fluctuating between a low of $4.7 and a high of $7.8. This rectangular pattern gives the trader his two methods of entering long positions.

One is near the $4.9 support level for a bullish reversal, and the other is if the price breaks out of $7.8. 

UNI traders are trading at $6 and continue consolidating in a tight range as the market grapples with uncertainty. If negative sentiment picks up, UNI will likely return to the $4.9 level, where traders can find another opportunity to move higher. 

Internet Computer (ICP) 

In the last four weeks, the Internet Computer Coin price has bounced twice from the $4.65 support level, suggesting buyers are actively accumulating at this support. On the daily timeframe chart, these two reversals reflect the formation of a double-bottom pattern.  

Affected by this pattern, the ICP price has gained 12.5% ​​over the past four days and is currently approaching the neckline resistance at $5.78.

A possible bullish breakout above this resistance will add buying pressure to re-challenge the high resistance at $7.668. 

THETA 

On the daily chart, the theta value indicates the formation of the cup and grip pattern. Following this pattern, the coin price made a U-shaped recovery from January 1 to mid-February and then entered a correction phase known as the steering wheel. 

So far, Theta’s price has recently rebounded from the local support of $0.973-$0.965, rising 9% to its current price of $1.49. If the buying continues, theta price will increase by 20% and challenge the neckline resistance between $1.3 and $1.33. 

These three DeFi tokens, Uniswap, Internet Computer, and THETA, have a bullish setup that could propel them to new heights in April 2023. With their strong fundamentals, active communities, and innovative features, they are among the most promising DeFi tokens in the market today. As always, investors are advised to research and make informed investment decisions.