The Aave and Uniswap prices have bounced back in the past 24 hours as investors rush to buy the dips. The UNI and AAVE prices have risen by 7.45% and 20%, respectively, bringing their total market cap to $7.1 billion and $4.63 billion.
The two DeFi giants’ prices have rallied mostly because of the sharp increase in their total value locked and the overall bullishness of the crypto universe today. Data compiled by DeFiPulse reveals that the total value locked in Aave has risen by more than 13% to $4.78 billion in the past 24 hours.
Similarly, the TVL in Uniswap has risen by more than 5% to $3.50 billion. Therefore, this is further evidence that the DeFi market is still robust.
Also, the two prices have rallied because of the performance of the crypto industry today. In total, the BTC, ETH, and Cardano have risen by more than 6% in the past 24 hours as investors rush to buy the dips.
Learn more about the Uniswap protocol here.
The four-hour chart shows that the Aave price has been crawling upwards in the past few hours. It has already risen from last week’s low of $280 to the current $382. Still, we cannot say that Aave has started a new rally since it is still below the first and second supports of the Andrews Pitchfork tool. It is also below the descending trendline shown in green.
Therefore, while the price could continue to rebound, it must first clear the first support at about $425. Another drop below last week’s low of $281 will mean that there are still bears in the market.
The four-hour chart shows that the Uniswap price has formed a symmetrical triangle pattern that is shown in blue. It is also at the same level as the 25-day and 15-day moving averages. Most notably, the triangle pattern is approaching its level of confluence.
Therefore, in my view, the price will soon break-out. While it is hard to predict, the price could break-out higher. If this happens, the next key level to watch is the important resistance at $22. However, in case of a bearish breakout, the support at $20 will be the defining point.
