Aave and Uniswap prices defy gravity while the rest of the cryptocurrency universe continues to bleed. The two are trading near their all-time highs, with the AAVE price at $ 268 and the UNI price at $ 13.83.
They are up 6.5% and 11.1% in the last 24 hours and 41% and 65% in the last seven weeks. This makes them the best performing major cryptocurrencies in the world. Its market cap has surged to more than $ 3.27 billion and $ 3.93 billion, making it the 15th and 13th largest cryptocurrency in the world.
The performance of the Uniswap and Aave prices is mainly due to the increasing demand for DeFi (Decentralized Finance) projects. In fact, DeFi’s total value has surged to over $ 25 billion in the past few days. They hit $ 26 billion for the first time yesterday.
For Uniswap, the performance is due in part to the fact that whale numbers have risen to an all-time high of 237 by more than 100,000 UNI. The number has increased by about 16% in the past three weeks.
Meanwhile, the aave price has risen, fueled by the demand for flash loans. In recent months, the amount borrowed through these loans has increased to more than $ 1.2 billion.
Other DeFi coins have also outperformed Bitcoin and other majors. For example, the maker price has fallen by about 0.35% in the last 24 hours and has increased by 1.15% in the last 7 days. The SushiSwap price has increased about 14% in the last 17 days while the Synthentix price has increased 2.45% in the last 24 hours.
Technical outlook for the Uniswap price
The daily chart shows that the Uniswap price has defied gravity for the past few months. This year alone it has increased by more than 200%. As a result, it has mostly moved above moving averages while the momentum has continued to increase. Hence, at this point, I won’t be surprised to see a pullback as investors take profits. Still, such a retreat will be a welcome dip opportunity purchase.
On the daily chart we can see that the Aave price was also in a strong uptrend. It’s also mostly moving averages and the momentum indicator is rising. Hence, as with the Uniswap, I suspect that the price will have a pullback that represents an opportunity to buy.
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