With A Bullish Shift From Memecoins, Will DeFi Tokens Skyrocket?
The post With A Bullish Shift From Memecoins, Will DeFi Tokens Skyrocket? appeared first on Coinpedia Fintech News
In a surprising shift in the crypto market at the start of this week, the meme coins are not a part of the recovery rally. With the top meme coins struggling to lift in the broader market rising tide, the DeFi tokens capitalize on the move.
As the top DeFi tokens gain momentum, here are the top choices to buy for a bullish jump ahead!
DeFi Tokens To Buy: Conflux (CFX)
The CFX price action reveals a falling channel pattern in the daily chart. The bearish pattern accounts for a 75% price drop since March 2024. The downfall ranges from $0.51 to the current price of $0.13, following the overnight jump of 2.27%.
The CFX price action reveals a morning star pattern in the ongoing bullish cycle approaching the overhead resistance trendline. The daily RSI line shows a bullish divergence in the DeFi token in the last two depths at $0.1197.
Furthermore, the DMI indicator shows a surge in ADX, with the VI lines converging for a bullish crossover. Hence, the momentum indicators support the bullish cycle and the breakout possibility.
An overhead breakout will challenge the 23.60% Fibonacci level at $0.169 before heading to $0.24 at the 50% Fibonacci level. In the coming week, the DeFi token shows an upside potential of 88%.
DeXe (DeXe)
With a declining trend in the daily chart, the DEXE price is on a bearish run. The market value has dropped from $16.42 to $6.96 in 5 months. The bearish influence results in a bearish death cross of the 50-day and 200-day EMA.
Nevertheless, the recovery in the broader market and the underlying shift in sentiments resulted in a double-bottom pattern in the DEXE coin price. With a double-bottom reversal supported by a bullish divergence in the daily RSI line, the DeFi token teases a bull run.
A potential breakout of the 23.60% Fibonacci level at $9.19 can be the catalyst to reverse the death cross and reinstate a bullish rally. The 50% Fibonacci level at $11.69 will be the deciding crossroads for the future DeXe price trend.
The breakout above this level could result in a 100% price surge for the DeFi token to $22.26. Meanwhile, a bearish reversal could result in a crash back to $6.96.
Loopring (LRC)
Similar to the other DeFi tokens, the LoopRing price action reveals a declining trend in a bearish channel pattern. The downfall accounts for a price drop of 76% since March 2024.
The falling channel starts at $0.56, with the recent support finding at $0.1188. Currently, the LRC price action showcases a sideways shift in trend momentum. However, the daily RSI line reveals a bullish divergence for the DeFi token.
Furthermore, the MACD indicator shows the MACD and signal lines rising and demerging with a positive alignment. Hence, the momentum indicators support the possibility of a bull run in the DeFi token.
A breakout of the overhead resistance of the falling channel could result in a price jump to the 50% Fibonacci level at $0.2525. Optimistically, the DeFi token could reclaim the $0.50 psychological mark by the end of September 2024.
