1 year ago
80 The Defi Coin price may continue on an upside as it trades above the two EMAs.
DEFI/USD Medium-term Trend: Ranging (4H Chart)
Key Levels:
Resistance levels: $0.560, $0.575, $0.590
Support levels: $0.540, $0.530, $0.520
Defi Coin USD is in a sideways market zone as it is trading above the two moving averages. The price is currently trading between the levels of $0.550 and 0.552 resistance levels. Bulls and bears are at war with one another. The bears have been trying to break down the support level of $0.549 but are unable. Likewise, the bulls are trying to break up the resistance level of $0.566 but the level holds.
If the support level is broken the coin will depreciate to a low of $0.392 price level.
In case the bulls try to increase their pressure, the resistance level of $0.566 may be tested which may be a broken upside, and the price increases to $0.567 and $0.569 levels.
Meanwhile, the price bars which are above the two EMAs make it capable for the Defi Coin to continue in an upside move sooner.
The price of DEFI COIN/USD above the EMAs and the stochastic signal pointing sideways in the overbought region suggests that the momentum in the price of the coin is in a range-bound zone within its range.
A breakout at the resistance area or a breakdown at the support area may occur hence patience is required to allow this to happen before a position is taken.
DEFI COIN/USD Short-term Trend: Ranging (1H Chart)
DEFI COIN/USD is on the ranging movement on the 1-hour chart. The bulls opposed the price declination at the $0.548 support level and the coin increased to the $0.552 resistance level. The momentum of the bears and bulls seems to be equal in the 1-hour chart. The price is consolidating at the $0.552 level due to failure in the bulls’ and bears’ pressure.
However, a further downward is likely as the stochastic indicator is pointing down in the oversold region indicating that the sellers may likely come up in style and drop the market price down to the $0.551 support level soon after which the bulls might take over in the nearby days in the short-term.
