DeFi charts looks pretty good. After months of drop, i think we finally touched the bottom. R:R ratio to the top is really good, and it deserve at least a spot buy. I think that the party could start as soon as we will flip the red box and retest the trendline
I know fundamentals and news events often overrun technicals - especially in the crypto-verse. But the look from a pure TA long-term perspective on the DFI/USD(T) chart bears a very bullish opportunity.
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Prices of 1 USD (or a bit more?) until the end of this year? At least it's possible.
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For this particular analysis on DeFiChain we are using the DFIUSDT symbol on the KuCoin exchange.
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The idea is on the 1D time-frame where DFI has been on Lower Lows since July 02 and is on a 3 day rally attempting to see if this will materialize a Lower Highs trend-line of a Channel Down. What's standing in the way now is the 1D MA50 (blue...
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...
You can see an inverse H&S chart pattern is forming in DFI/USDT. We have broken the EMA 17 and SMA 30 already to the upside - the SMA 50 could offer a bit more resistance at currently 1.30 USD.
For me it seems like the crypto market could reverse (see also the BTC/USD chart) - not to approach the ATHs but to make a first move to the upside. We'll see.
Beautiful wedge pattern over the daily closing price chart in DFI/BTC. Works as well with normal candles but is here a little bit cleaner. Seems like if BTC does get bullish - DFI is getting extremly bullish!
On the USD pair (left) three breakout attempts including current can be identified, the current one presents a nice bullflag to buy into on this daily timeframe
I dont have much to say about the BTC pair
If this symmetrical triangle does break to the upside, we can approach the next level in DFI/USDT. It looks bullish but bearish trends in BTC can and will, of course, also drag the DFI prices down.
Chart with only the closing prices because otherwise, you have way too much noise in the DFI/EUR chart. This is a clear bullish sign. But as always - it depends on what mother Bitcoin is doing. When BTC falls, it will be hard for DFI even to hold the current price levels.
You can see multilevel support around the current price levels. Probably the price drop will be held at the level 2.36 - 2.51 USD. You could consider a speculative long entry, but this is only speculative. We don't know if the multilevel support holds or not. It depends probably mainly upon Bitcoin - if BTC makes dead cat bounce DFI will raise as well.
I haven't moved the green line since Jan 11th. The price has been ranging along the Green Line using the 50,100,200 Day EMA quite accurately. In my opinion we need to remain above the Green Line for two or three days and bust through the 200 Day MA for a signal in sentiment.
-Keeping an eye on the news around the conflict in Ukraine;
--the idea is to associate...
The lack of significant volume makes it difficult in DFI to apply proper technical analysis. But so far, it looks like it could make another pump soon if resolving this triangle to the upside.
DeFiChain (DFI) hold strong volume support - several times now.
A break below that volume level would be a bad sign - everything above allows thoughts of higher courses.
A confirmed breakout of the OBV resistance would be a very strong bullish signal 😎
Drop me a nice comment if you'd like me to analyze any other cryptocurrency or do another comparison.
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About DeFiChain
DeFi Blockchain is a decentralized blockchain platform specifically dedicated to enable fast, intelligent, and transparent decentralized financial services, accessible by everyone, everywhere.
Running on a proof-of-stake consensus mechanism, it features proven security and immutability by anchoring its most recent Merkle root to the Bitcoin...
