CVX and AAVE Tease a Trend Reversal, Will the Bull Run Continue?

Ignoring the slump in the top crypto like Bitcoin and Ethereum, a recovery rally is starting to shine in the shadows of low-cap altcoins.

The top DeFi Tokens, like AAVE and CVX, hint at a trend reversal with the overnight price surge. As the market recovers from a bearish spell, these tokens showcase a promising rally.

In this scenario, will the bull run in these tokens continue on a bullish path to recovery? Let’s analyze the price action of these DeFi tokens for a deeper insight.

DeFi Token CVX Boxed In A Channel

Observing the weekly technical chart, the CVX price trend showcases an overall declining trend, forming a bearish channel. Currently, the DeFi token is displaying a bullish cycle within this parallel channel.

After facing a higher price rejection last week, the CVX price trades at $3.18 following an overnight jump of 8.62%. The ongoing clash with high volatility at the falling channel’s upper boundary highlights a high demand against the overhead supply.

Moreover, the MACD and signal lines show a bullish crossover, and the RSI line is set to cross the 50% line. With this recovery rally in motion, the DeFi token could rally to the $4.50 mark. In a scenario of a bullish breakout, the token may surge to the $7.62 peak.

AAVE Buyers Thwart Bear Pattern, Surges 16%

The AAVE token has been persistently struggling around the $100 psychological support level in a sideways move. During this time, the DeFi token’s price action formed a head and shoulder pattern with a trendline as the neckline.

However, with the recent recovery, the underlying demand for the DeFi token at lower levels thwarts the bearish pattern. The AAVE price surged by 16% this week, beginning a new bullish cycle.

Furthermore, the bullish crossover on the MACD indicator bodes well for the upcycle. If the uptrend continues, the altcoin could reclaim the $100 mark and challenge the $150 resistance level.

Also Read: Solana Surges Toward $140 Despite Bearish Network Activity: Will Sellers Defend SOL Price?

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