In the second month of 2023, most major cryptocurrencies have only seen a modest increase. Nonetheless, coin holders should benefit from the following sideways or correction phase as it gives purchasers a chance to reestablish positive momentum. Here are a few carefully chosen Defi coins with technical configurations that will extend the positive comeback in 2023.
Avalanche(AVAX)
The Avalanche coin price has fluctuated for over a month between two set levels of $21.65 and $17.58. This pullback followed a sharp rise, suggesting that aggressive buying may be temporarily on hold for the coin price.
As of the time of publication, the AVAX price is trading at $18.3 and has formed a bullish reversal pattern at the $17.58 support level. The bull cycle inside this pattern, which might drive the price of AVAX to $21.65, could be seen by coin holders if the buying pressure continues.
In any case, a breakout from this range is what traders seeking xs an entry opportunity should watch for.
Uniswap(UNI)
Uniswap coin market action over the last six months reveals the development of an expanding wedge pattern. This pattern appears when prices oscillate between two diverging trendlines and experience increasing price swings over time.
The development of this pattern signifies high market volatility, according to theory. Currently, the price of UNI has lately retraced from the pattern’s support trendline, starting a new bull cycle.
The UNI price may increase again to the overhead trendline at the peak of $7.8 on November 22nd under the impact of the pattern.
In any case, a breakout from the resistance trendline of the pattern is necessary to start a directional rally.
Graph(GRT)
The price of the Graph currency reached a local peak at the $0.21 level amid the parabolic surge seen in January and the first few days of February. Nevertheless, as market bearishness grew, the price began to decline from the new resistance and fell 30.5% to the $0.146 level.
The GRT price has repeatedly recovered from the $0.146 support the previous week, showing that purchasers are actively stocking up at this low. The coin price is currently trading at $0.16, and with further buying, it may again attempt the $0.187 barrier and perhaps $0.21.