Aave and Uniswap prices are defying gravity as the rest of the cryptocurrency universe continues to bleed. The two are trading near their all-time high prices, with the AAVE price trading at $268 and UNI trading at $13.83.
They have risen by 6.5% and 11.1% in the past 24 hours and by 41% and 65% in the past seven weeks. This makes them the best-performing major cryptocurrencies in the world. Their market cap has soared to more than $3.27 billion and $3.93 billion making them the 15th and 13th largest cryptocurrencies in the world.
The performance of Uniswap and Aave prices is mostly because of the increasing demand for Decentralised Finance (DeFi) projects. In fact, in the past few days, the total value locked in DeFi has soared to more than $25 billion. Yesterday, they reached $26 billion for the first time.
For Uniswap, the performance is partly because of the number of whales holding more than 100k of UNI rose to an all-time high of 237. The number has increased by about 16% in the past three weeks.
Meanwhile, Aave price has risen, boosted by the demand for its flash loans. In the past few months, the amount borrowed through these loans has increased to more than $1.2 billion.
Other DeFi coins have also performed better than Bitcoin and other majors. For example, the Maker price has dropped by about 0.35% in the past 24 hours and risen by 1.15% in the past 7 days. SushiSwap price has risen by about 14% in the past 17 days while the Synthentix price has risen by 2.45% in the past 24 hours.
Uniswap price technical outlook
The daily chart shows that the Uniswap price has been defying gravity in the past few months. This year alone, it has jumped by more than 200%. As a result, it has moved above all moving averages while the momentum has continued to rise. Therefore, at this stage, I will not be surprised to see a pullback as investors take profit. Still, any such pullback will be a welcome buying the dip opportunity.
Aave price prediction
On the daily chart, we see that the Aave price has also been in a stong uptrend. It is also above all moving averages and the momentum indicator is rising. Therefore, like with the Uniswap, I suspect that the price will have a pullback that will be a buying opportunity.