Uniswap 57% price crash marks 'DeFi depression' for SUSHI, CRV, UNI

Its token UNI dropped by 57% since its recent high at $8.65.Is the correction over for the DeFi sector, or will the crashes continue to last? Let's take a look at the charts' technicals.

The 6-hour chart of UniSwap shows a 57% correction since its high at $8.65.

Support was found between $3.50-3.80.Short-term relief is shown on the chart as UniSwap bounced with 35% in the previous days, but the trend still shows a downtrend.

A further move up to $7 is on the tables if UniSwap shows strength and can break through this resistance zone.

For the first time since the retracement, the price of UniSwap made a new higher high, as the previous high of $4.50 was broken.

The price of UNI rallied from $3.75 to $5, marking a new higher high, which means making a new higher low now would likely be followed by a move up.

If that area sustains support, I'd be looking at a potential rally towards $6.Will Curve DAO Token and SushiSwap follow?It's not surprising for other DeFi coins to follow suit as UniSwap is the leader in the DeFi space.

The chart of SushiSwap is less bullish than UniSwap but shows a few signals of a potential trend reversal.

Of course, if the price of SushiSwap loses $1.30, a further downward drop becomes likely, in which Fibonacci extension has to be used for negative price discovery.

If a particular asset goes into positive or negative price discovery, the Fibonacci extension tool is to define potential target zones, as seen with CRV.The target zone around the 1.618 Fib was hit, but the overall chart still looks overly bearish.