The total value blocked in decentralized finance protocols reaches $ 12. 7 billion as Aave, Uniswap and yearn.finance prices soar
Decentralized finance tokens are seeing an increase in their respective prices, with potential for new highs if bulls can maintain gains above crucial support levels. Across the DeFi space, investors have already secured $12.7 billion in various projects, up from $10.99 billion on November 3.
At the time of writing, Aave (AAVE), Uniswap (UNI) and yearn.finance (YFI) were trending higher on the day. YFI has risen almost 20% in the last 24 hours, while AAVE has risen more than 12% and the UNI price is expected to exceed $2.90 after a 6% increase.
The technical outlook for these Crypto Code suggests a bullish breakout is near. However, this outlook will only hold if buyers can absorb the expected downward pressure.
The price of AAVE has risen more than 120% in the last seven days. The positive action includes a move of over 12% in the last 24 hours to see bulls‘ target resistance close to $59.
Daily AAVE/USD price chart.
The bulls need to reach a candle close above $58 on the daily chart to maintain the bullish advantage. However, the hourly chart suggests a downward entry pressure, which may cause the AAVE/USD to fall back. If this happens, 50-SMA provides support near $52.5, with bulls seeking to limit the damage from an additional drop by keeping prices above the simple moving average of 100 hours at about $45.
The price of Uniswap has risen more than 35% in the last seven days and expects to exceed $2.90 after an impressive run in the last 24 hours.
The bulls can reverse the resistance line, at the price level above, to seek a high to $3.3. However the action will probably not succeed due to the stubborn challenge the bears have set at this price level, as shown on the 4 hour chart.
UNI/USD 4 hour price chart.
As shown in the graph, the area holds the 200-SMA at $2.83. The bulls tested the area on several occasions last week, but failed every time. Currently, the price is a little above the barrier, but only a candle closure above it in the daily period can confirm a bullish advantage. If the bullish pressure decreases in the short term, UNI/USD may fall to the 100-SMA support level by $2.50.
YFI/USD time graph.
The YFI/USD pair has risen 19.5% in the last 24 hours, with the price of the token displaying higher highs and lows on the hourly chart.
After breaking above a downward sloping trend line formation, YFI appeared to strengthen its symmetrical triangle break. A look at the pattern suggests that the price of the token may rise to as high as $19,000.
In case of a reversal, the price of YFI may fall to lows of $14,000 marked by the 100-SMA support on the hourly chart. 200-SMA provides an additional $ 11,695 cushion if the bears take over.