Defichain had lost a lot since its peak at 12000 satoshis.
Declining prices in cryptos and markets in genereal in combination with the uncertainty with DUSD (Defichain stablecoin) has led to the situation that this project is currently not worthwile for investing. - on the short time
On long time this project has still its entitlement for big gains. Strong development, more and more listing on central exchanges and a community, who wants to solve this blockchains problems makes it worthwile to keep an eye on DefiChain.
Lets get technical:
Currently the price found its first bottom at 80 dollar cents and consolidates between the 0.782 and 0.88 fib-retracement.
There are no impulsive structures, which indicates rising prices. Over the last weeks it formed a bear-flag, which broke on the downside (valid retest the channel).
As long as DUSD doesnt get fixed properly, I believe that the price will consolidate in the WHITE BOX (0.8 -1.2$).
This shows the yellow path.
A more optimistic path would be the green one, if it breaks the strong resistance at 1.2$
At the moment, price is at support level at 0.9$ (four times validation). If it breaks, there will be a retest at 0.8$ or even worse the 0.88 fib-retracement at 0.62$ (could also be final elliot-wave 5).
All in all, these consolidation patterns had an average duration from about 500+ bars on 4h timeframe.
The blue vertical line shows its potential end.
I am still bullish after we finished consolidation and fixed DUSD problem.
Good evening!
Declining prices in cryptos and markets in genereal in combination with the uncertainty with DUSD (Defichain stablecoin) has led to the situation that this project is currently not worthwile for investing. - on the short time
On long time this project has still its entitlement for big gains. Strong development, more and more listing on central exchanges and a community, who wants to solve this blockchains problems makes it worthwile to keep an eye on DefiChain.
Lets get technical:
Currently the price found its first bottom at 80 dollar cents and consolidates between the 0.782 and 0.88 fib-retracement.
There are no impulsive structures, which indicates rising prices. Over the last weeks it formed a bear-flag, which broke on the downside (valid retest the channel).
As long as DUSD doesnt get fixed properly, I believe that the price will consolidate in the WHITE BOX (0.8 -1.2$).
This shows the yellow path.
A more optimistic path would be the green one, if it breaks the strong resistance at 1.2$
At the moment, price is at support level at 0.9$ (four times validation). If it breaks, there will be a retest at 0.8$ or even worse the 0.88 fib-retracement at 0.62$ (could also be final elliot-wave 5).
All in all, these consolidation patterns had an average duration from about 500+ bars on 4h timeframe.
The blue vertical line shows its potential end.
I am still bullish after we finished consolidation and fixed DUSD problem.
Good evening!