Published 42 mins ago
While the broader market sentiment struggles with uncertainty and a majority of the crypto coins have witnessed significant correction in the last two weeks. Despite this downfall, we have hand-picked some of the Defi tokens showcasing strong bullish patterns. This technical setup should bolster the following tokens to resume their bullish recovery in April 2022
Uniswap(UNI)
Source- Tradingview
The Uniswap price has been moving sideways for the last seven months, fluctuating between a low of $4.7 and a high of $7.8. This rectangle pattern presents two opportunities for traders to enter long positions: one near the support level of $4.9 for a bullish reversal trade, and another when the price breaks out above the $7.8 mark.
As of now, the UNI price traders at $6 and continue to consolidate in a narrow range as the market struggles with uncertainty. If the negative sentiment builds up, the UNI will likely revisit $4.9 where traders can find an opportunity to reaccumulate.
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Internet Computer(ICP)
Source- Tradingview
In the last four weeks, the Internet Computer coin price rebounded twice from the $4.65 support level indicating the buyers are actively accumulating at this support. In the daily time frame chart these two reversals reflected the formation of a double bottom pattern.
Under the influence of this pattern, the ICP price gained 12.5% in the last four days and is currently approaching the $5.78 neckline resistance. A potential bullish breakout from this resistance will intensify the buying pressure to rechallenge the $7.668 swing high resistance.
Theta(THETA)
Source- Tradingview
In the daily time frame chart, the Theta price shows the formation of a cup and handle pattern. In response to this pattern, the coin price witnessed a U-shaped recovery from 1st January to mid-February, followed by a correction phase which is called the handle portion.
As of now, the Theta price has recently bounced back from local support of $0.973-$0.965 and surged 9% to reach the current price of $1.49. With sustained buying, the Theta price will rise 20% to challenge the $1.3-1.33 neckline resistance.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.