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The crypto market experienced a significant rally in the second half of June, signaling the onset of a new recovery wave. The surge across the market was primarily driven by Bitcoin (BTC), the largest cryptocurrency, as numerous asset management firms flooded the U.S. Securities and Exchange Commission (SEC) with applications to offer spot Bitcoin ETFs. Altcoins quickly followed Bitcoin’s lead, creating ample opportunities for investors in both the spot purchase and futures market. In particular, Decentralized Finance (DeFi) tokens have been showing excellent performance in recent weeks.
The Graph (GRT) Price Analysis: Bull Formation Breaks
The Graph token was undergoing a correction that led to the formation of a falling wedge over approximately five months. The upper trend line of this structure served as dynamic resistance, consistently hindering buyers from initiating a new recovery in the price.
With the recent market-wide recovery, the GRT price made a strong breakout from the overall trend line on July 2nd. With today’s intraday gain of 12.5%, buyers have achieved a perfect bullish confirmation for further recovery. If buyers’ interest in GRT continues, the altcoin’s price could reach potential targets at $0.153 and then at $0.175.
AAVE (AAVE) Price Analysis: Signaling a Rally
AAVE‘s weekly timeframe price chart shows the formation of a falling triangle. Theoretically, this formation is a continuation pattern of a decline. However, a significant rally can be expected in rare instances with a breakout above the overall trend line.
The rising momentum indicator reflects increased underlying buying pressure, which could increase the probability of the price breaking above the overall trend line. AAVE price is currently trading at $74.17, and with a breakout from dynamic resistance, the altcoin could first reach $96.5 and then $124.5.
Maker (MKR) Price Analysis: Signs of Entering a Bullish Trend
The Maker coin moved in a shallow dip or nearly horizontal trend under a declining trend that lasted over a year. This horizontal price movement reflects the depletion of the bearish momentum and a high probability that the price has bottomed out.
In the midst of the recent market recovery, MKR made a significant breakout from the resistance trend line that has been suppressing the rise from buyers since last year. With this breakout, the altcoin’s price rose over 20% from a point near $820 to nearly a thousand dollars.
Moreover, the horizontal resistance level at $973 was also overcome today with a long bullish candlestick. Now, the altcoin‘s price could be expected to go to $1,173 first and then $1,390.
