DeFi tokens experience short-term volatility amid whale activity, with key players like Aave, Maker, and Lido DAO navigating crucial levels. While the market shows mixed signals, long-term trends hint at potential bullish momentum for these tokens.
With Bitcoin BTC $83 139 24h volatility: 2.3% Market cap: $1.65 T Vol. 24h: $25.37 B sliding under $100K, meme, DeFi, and other altcoins stand at an indecisive crossroads. In the weekly chart, the BTC price action showcases an extended price range doji with a bearish closing at $97,057.
Currently, the BTC price shows a bounce back to $97,911 with an intraday rise of 0.88%. Amid such conditions, the DeFi market is gradually turning volatile.
The top-performing DeFi tokens witness a gradual pullback of 2-7%. Amid the slowdown, a whale has started to book profits in major DeFi tokens.
Whale Offloads Major DeFi Tokens
In a strategic offloading move of DeFi tokens, the whale deposited 1.4 million LDO LDO $0.89 24h volatility: 5.5% Market cap: $798.67 M Vol. 24h: $84.26 M tokens worth $3.03 million over Binance. This marked a quick sell-off as the LDO price marked a 24-hour high of $2.22.
Between June 21 and June 26, the Whale had bought 1.4 million LDO tokens worth $3.09 million at $2.21. The Whale quickly sold off the LDO token as it reached the breakout point, reflecting the urgency to exit the trade.
Besides LDO, the Whale also purchased two other DeFi tokens, AAVE AAVE $177.3 24h volatility: 1.2% Market cap: $2.68 B Vol. 24h: $313.60 M and MKR MKR $1 395 24h volatility: 2.1% Market cap: $1.18 B Vol. 24h: $121.89 M . In a total purchase of $9.57 million, the Whale bought 39,469 AAVE tokens at an average of $82.44 and 2,561 MKR tokens at an average of $2,470.
The distribution between the two tokens is $3.25 million for AAVE and $6.32 million for MKR. In these trades, the Whale is currently making a profit of $6.97 million on AAVE while bearing a loss of $783,000 on MKR.
Will Aave, Maker, and Lido DAO lead the DeFi Rally?
Over the past 24 hours, the top DeFi tokens witnessed a minor slowdown in the trend momentum. Aave, Maker, and Lido DAO stagnate at crucial levels.
Currently, Aave is trading at $258.94, with a 30-day return of 60%, as it slides below the $4 billion market cap. Maker’s MKR token is currently trading at $2,124, with the project’s market cap at $1.88 billion. Over the past 30 days, it has increased by nearly 65%.
Furthermore, LIDO DAO’s market cap is $1.92 billion, up 90% over the past 30 days. Hence, the weekly and monthly trend of these DeFi tokens reflect a bull run, but the short-term reflects a minor slump. Let’s take a quick look at the technical analysis of these DeFi tokens to find the price targets.
AAVE
Based on the price action, AAVE sustains dominance above the $250 psychological mark. Furthermore, the uptrend in Aave reflects a rounding bottom reversal in the weekly chart.
Source: Tradingview
The neckline for the rounding bottom coincides with the 78.6% Fibonacci level at $312. The weekly surge of 23% makes a bullish engulfing candle, marking the third of its kind.
Inching closer to the psychological mark of $300, the neckline breakout could propel the DeFi token to $528 in early 2025.
Maker
In the weekly chart, the MKR price trend showcases a V-shaped reversal, gaining momentum. Creating a Morning Star pattern, the DeFi token marks its sixth consecutive bullish candle.
Source: Tradingview
Furthermore, it starts a positive cycle within a larger symmetrical triangle pattern. The recovery rally has surpassed the 50% Fibonacci level and declaims the $2,000 psychological mark.
The higher price direction in the weekly candle reflects the bullish challenge at the 61.80% Fibonacci level at ~$2,500. As the positive cycle gains momentum, the MACD and signal lines have given a positive crossover. This increases the chances of MKR tokens challenging the overhead resistance line near the 78.60% Fibonacci level at $3,724.
Lido DAO
The LDO price trend in the daily chart showcases a long breakout of a long-coming resistance trend line. The DeFi token has surpassed the $2 psychological mark, challenging the 61.80s and Fibonacci levels at $2.15.
Source: Tradingview
This marks a trend reversal in the altcoin, resulting in a bullish crossover between the 100 and 50-day exponential moving average lines. The rising trend is projecting a potential bull run crossover as the bull run continues.
Based on the Fibonacci levels, the upside price targets for LDO tokens are $2.72 and $3.69.
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