Cryptocurrency prices are in a wait-and-see mood this week as concerns about German and Mt.Gox Bitcoin selling continued. Bitcoin remained solidly above $55,000 while tokens like Notcoin, PeiPei, Celestia, and Sei jumped.
This article focuses on AAVE and Uniswap, two of the oldest decentralized finance (DeFi) players. Recent data showed that a whale has been accumulating the two tokens, which could be a positive sign.
The whale deposited 4 million USDT in Kraken and bought 35,983 AAVE and 123,183 UNI tokens. He holds over $12.1 million in AAVE tokens and UNI coins worth more than $11.6 million.
Uniswap price forecast
Uniswap price peaked at $17.02 earlier this year as the developers announced a vote to reward UNI token holders. It also jumped as traders focused on the strong performance of its DEX platform, which handles billions of transactions daily.
Like other cryptocurrencies, the UNI price has dived in the past few months and moved into a deep bear market, falling 52% from its highest point this year. Most recently, Uniswap has formed a triple-top chart pattern at $11.92. In most cases, this is one of the most bearish patterns in the market.
Uniswap has dropped below the top’s neckline at $8.8 and the 61.8% Fibonacci Retracement point. It has also dropped below the 50-day Exponential Moving Average (EMA), meaning bears are in control.
Therefore, the most likely scenario is that the Uniswap token drops to the next key support level at $6, its lowest point on April 13th. A break below that point will indicate more downside, with the next key point to watch being $4.
AAVE price prediction
AAVE is one of the most popular lending players in the DeFi industry. Over the years, it has accumulated over $12 billion, making it the third-biggest DeFi platform after Lido and EigenLayer.
AAVE price peaked at $153.90 in March and has now dropped to $80. It recently dropped to the key support level at $72.76, forming a double-bottom pattern whose neckline was $114.97.
However, the token has also formed a head-and-shoulders pattern, a popular bearish sign. It has also moved below the 50-day moving average. Therefore, a drop below support at $72.76 will invalidate the double-bottom pattern and point to more downside. That means it could drop to $60 if Bitcoin resumes its downward trend.
