Benqi (QI) Avax Defi Gem with a potential +15x from the current price. What is Benqi? BENQI is a peer-to-peer (P2P) lending protocol that is slowly emerging as a leader in the Avalanche (AVAX) DeFi ecosystem, further to this, Benqi also has a goal to build primitives developing a Defi platform on a subnet. Benqi already has $2bn in total locked value with a low...
Two possibilities could be taken into consideration:
1. It breaks out of the main diagonal trendline and then above 0.167 it retests and grows further
2. It develops into a rounded bottom pattern and a possibility for a cup&handle.
It seems that the 0.167 is in both cases an important S/R point to watch out for.
This is pure speculative. DYOR/NFA
QI token can be bought on Kucoin and farmed on Benqi on the avax chain. This token has been dropping like fire in this bull market and unable to keep up with the price appreciation. Most likely this token is being sold as soon as it gets into the hands of the people because of its lack of utility. As you can tell, most likely this will have a hard time recovering...
So I'm just going to post this here so I can push the play button on this chart in a few months. No need for any technicals on a token that's hours old. Bullish though as they have strong backing and could develop into the Aave of the avalanche ecosystem.
Qi is aiming to be, to the Avalanche blockchain, what AAVE is to the Ethereum chain.
So, teaming up with AVAX, with a large rewards incentive program for staking Qi and AVAX together on Benqi, one can earn additional Qi.
Or just buy it and hold until it doubles and sell half. Either way a buy here is a win, if it holds. Not investment advice.
Did really well on that inital QI pump and now looking for a second leg up. Hard to say this is the bottom or not as the project is new and bottoms can be hard to find on that first drop, but at the very least this looks like a decent R:R area for a bounce.
Still early for comprehensive TA but I noticed this is respecting key fib levels.
Taking this into consideration, combining the fibs with the early TA we get levels to watch. If .25c holds:
.25c support, .30c resistance, .40c resistance,
Fib targets : .65c next target. Followed by T2 $1.00 and T3 $1.50
If support breaks .18 and .10 are key support levels.