The DeFi space become popular and expanded to its maximum, first with the gigantic surge of Yearn.Finance. And secondly with the unexpected airdrop of Uniswap DEX’s native token UNI. Since then UNI remained the king of the DeFi space and also with a monster rally above $44, it manifested its strength. However, the other DeFi tokens are gaining immense attention especially Terra(LUNA) which recently dethroned Uniswap’s dominance.
Terra (LUNA) – Pioneer Of DeFi Space!
Terra price has gained huge trader attention ever since it followed the Solana price rally and ranged high. Moreover, despite the SOL price experiencing a slight pullback and corrections, yet LUNA price maintained its uptrend. And hence by reaching more higher highs and lows, Terra is now the leader in the DeFi space.
The price maintained a constant uptrend since the beginning of its bull rally without undergoing a gigantic drain. No doubt the September crash did impact the price negatively, yet it managed to climb above $48 at the press time. Currently, the price is following the upward trajectory but a bearish divergence is noticed with the RSI. And hence the possibility of a slight correction or pullback is haunting the rally.
However, the correction may be due to exhaustion after reaching the peak and hence tend to rebound at a greater pace. Therefore, within the current bull run, the LUNA price may find its new ATH somewhere above $60 in the short term. Yet the price target for Terra(LUNA) still remains a 3-digit figure amid this bull cycle.
Avalanche (AVAX) Price Testing Pivot Levels
Avalanche price rally was no less than a surprise in the crypto space. As the asset surged from levels around $10 to hit the ATH very close to $80 in a very short time frame. Further, the asset experienced a notable drain, which may be due to profit extraction. Yet the asset rose massively and broke the consolidated symmetric triangle.
With a notable jump of nearly 30%, the asset jumped of the symmetric triangle to retest the ATH around $80. However, it needs to slice through these levels and sustain strongly without getting exhausted. And hence in such a case, the path towards $100 could be fairly visible, else the bearish divergence may kill the bullish momentum.
Collectively, the 2nd month of the 4th quarter had a good start, yet many assets are experiencing consolidation or drain. Yet some of the assets showcase huge bullish momentum like Terra (LUNA) price and Avalanche(AVAX) price. And hence with the notable jump of these tokens, DeFi space may regain lost attention.