Most cryptocurrencies have experienced a major crash in recent weeks. The markets experienced losses from 50 to 80%, which particularly affected the DeFi room.

The main losers in the previous weeks were Curve DAO Token (CRV) and SushiSwap (SUSHI). In addition, one of the largest decentralized exchanges, UniSwap (UNI), has undergone a major correction. The UNI token is down 57% from its recent high of $ 8.65.

Is the correction for the DeFi sector over, or will the problems continue? Let’s take a look at the technical specifications in the maps.

The 6-hour UniSwap chart shows a 57% retracement from the $ 8.65 high. After that, the support level in the range is $ 3.50-3.80.

Short-term relief is shown in the chart as UniSwap withdrew 35% in previous days, but the trend is still in a downward trend. The first significant resistance range is visible between $ 4.90-5.20 and is colored red. There will be a new move up to $ 7 on the charts if UniSwap shows strength and is able to break through this resistance zone.

The 2-hour chart shows a temporary trend change. For the first time since the correction, UniSwap reached a new high when the previous high of $ 4.50 was broken.

UNI raised from $ 3.75 to $ 5, setting a new high, which means that a new high is now likely to be followed by a rally.

From this point of view, a green zone between $ 4-4.25 should guarantee support for a higher low. If this site maintains support, I would look for a possible meeting around $ 6.

Will Curve DAO follow Tokens and SushiSwap?
Not surprisingly, DeFi Coins follows, as UniSwap is the leader in the DeFi room.

The SushiSwap chart is less optimistic than UniSwap, but shows some signs of a potential trend reversal.

If the $ 1.30-1.325 area reverses for support, a significant support area may reverse again, allowing a possible continuation of the upward movement. This trend can continue towards the $ 1.65-1.70 range as this is the first significant resistance range.

Of course, if the SushiSwap price loses $ 1.30, a further decline is likely to be because the Fibonacci extension will be used to define negative prices.

Curve DAO Token shows a worse chart than SushiSwap, and it is difficult to find any bullish arguments here.

In the previous analysis, the Fibonacci expansion tool was used to identify the lower target areas. If an asset detects a positive or negative price, the Fibonacci expansion tool should identify potential target ranges as indicated by CRV.

The target area around 1,618 has been hit, but the general chart still looks too bearish. In this case, the decisive breakout of the curve will be a break above $ 1.20. If this area breaks through resistance and becomes support, it will likely continue towards $ 1.65-1.85.

If this reversal happens at $ 1.20, the market is likely to rally. In general, emotions are close to depression, which is another argument for early recovery.

Source: CoinTelegraph

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