Previous article Uniswap and Synthetix tokens surge as DeFi pumps Next article Home Latest Cryptocurrency News Uniswap and Synthetix tokens surge as DeFi pumps Uniswap and Synthetix tokens surge as DeFi pumps By - min read 03 December 2020 Uniswap (UNI) is looking to break above resistance at $4.00 while the Synthetix (SNX) token is consolidating gains above $5.00 as bulls target $7.20 Uniswap and Synthetix tokens are among governance tokens looking to outperform the rest of the DeFi market. UNI is trading near $3.90, up nearly 5% in the past 24 hours. Meanwhile, SNX has cooled off slightly after testing resistance near $5.40, but technical indicators suggest bulls retain the advantage that could see them break above $5.50. At the same time, Bitcoin’s retest of the area above $19,200 and the bullish sentiment within the broader DeFi market suggest further gains are likely in the short term. UNI/USD UNI/USD price daily chart. Source: TradingView The UNI price could surge to highs of $5.20 if bulls hold above $3.80 and then break to $4.50. The chart below shows UNI/USD could rally by more than 34% in the next few weeks to hit the $5.20 target. However, if bulls fail to hold onto gains, a short term dip could see it drop to the 20-EMA and 50-EMA near $3.60, with action around the area likely to provide clarity of direction for UNI/USD. The 4-hour chart also suggests bulls face strong resistance at $3.85. If the upside fails, UNI price could drop to $3.78 (20-EMA) and then $3.68 (50-EMA), with the $3.40 providing support in case of increased downward pressure. SNX/USD SNX/USD daily chart. Source: TradingView SNX has been trading higher since touching lows of $3.50 on 26 November. The token’s breached the $3.60 resistance area and recently rose to test the $5.40 barrier. Although bulls currently face tough resistance at the $5.35 area in the form of the 76.8% Fibonacci level, a breakout on upside momentum could catapult SNX/USD to $7.20. The RSI remains above 60 to suggest control lies with the buyers and the EMAs provide further support above $4.45. Binance’s DeFi Index has also pumped in the past few days, jumping from $625 to highs of $765. DeFi Index chart. Source: TradingView Although currently constrained by the 78.6% Fibonacci retracement level at $720, a breakout could see it rally to $800. The RSI is above 64 while the MACD suggests a hidden bullish divergence, but the outlook will flip negative if the index creates a double top at $765 and dives. Other DeFi tokens likely to see major price action short term include: ChainLink (LINK), Aave (AAVE), yearn.finance (YFI), Compound (COMP) and Sushiswap (SUSHI). COMP (+18%) and YFI (+7%) stand out, while SUSHI is down 1.1% in the past 24 hours after surging more than 85% in the past seven days. Share this article Categories Analysis Tags DeFi News SNX Synthetic UNI Uniswap News