The cryptocurrency industry has displayed a strong bullish reversal in its valuation after recording a significant drop due to the cross-border market correction over the past week. Moreover, the market leader, Bitcoin price, has regained the $63K mark after falling to a low of around $66K.
On the other hand, the Decentralized Financial (DeFi) tokens have recorded a strong bullish reversal this week and indicate a positive outlook during the coming time. In this article, we have covered the top 5 DeFi tokens to stack ahead of the upcoming bull rally.
LeverFi (LEVER):
Formally known as RAMP DEFI, the LiverFi is a Decentralized leverage trading platform. After displaying a weak price action during the previous year, this altcoin started the year positively, indicating an increase in the bullish sentiment for the LEVERFI token.
Furthermore, it has added 16.27% within the past seven days and 21.15% over the past 30 days, highlighting a positive price action. Moreover, it has a Year-to-Date (YTD) return of +135.19%, suggesting a bullish outlook for the altcoin during this year.
The technical indicator, MACD, displays a rising green histogram, indicating increased buying-over-selling pressure in the crypto industry. Furthermore, the averages show a significant rise in the 1D time frame, suggesting the price will continue gaining value in the coming time.
If the market pushes the price above its important resistance level at $0.00425, the bulls will regain momentum and prepare to test its upper high of $0.00550. However, if a bearish reversal occurs, the LEVERFI price will lose momentum and fall to test its lower support level of $0.00212.
MANTRA (OM):
The Mantra price has displayed a jump of over 20% within the past day, indicating an increase in the buying pressure within the crypto space. Moreover, the altcoin has successfully claimed the spot of top gainer in the DeFi category by recording a surge of 1,225% since the year started.
The MACD shows a significant decline in the chart with its averages displaying a bullish convergence in the 1D time frame, highlighting a positive outlook for this altcoin in the coming time.
If the bulls regain momentum, the OM price will prepare to retest its upper high of $1.05 this month. Moreover, if the bulls hold the price at that level, it will continue rising and test a new high this year. Negatively, a rising disinterest of investors could result in the price testing its low of $0.625.
Theta Fuel (TFUEL):
Launched on 15th March 2019, Theta Fuel (TFUEL) is a Layer-1 blockchain and decentralized infrastructure for AI, Video, and Entertainment. It is a dual network consisting of Theta Blockchain and Theta Edge Network.
The TFUEL token has displayed a constant increase in its valuation by adding 25.01% within 30 days and 119.36% since the year started, further highlighting a strong bullish influence for the altcoin in the crypto space.
On the other hand, the Relative Strength Index (RSI) displays a neutral trend in the chart, indicating weak buying and selling pressure for the altcoin in the market. However, the Cross EMA 50-day supports the price chart, highlighting a mixed sentiment in the crypto industry.
If the bulls overpowered the bears, the TFUEL price will run to test its upper resistance level of $0.131. Maintaining the price at that level will set the stage to test its upper high of $0.175 during the upcoming months. Conversely, bearish price action may pull the price toward its low of $0.070.
Nervous Network (CKB):
After displaying a neutral trend for the first month, the CKB price gained significant attention from the market, resulting in this altcoin recording a high of $0.0379, a surge of 1,163% within the next two months. However, the bulls lost momentum and since then, the price has displayed a bearish price action.
The Moving Average Convergence Divergence (MACD) shows a constant decline in the histogram, highlighting increased bullish sentiment in the crypto space. On the other hand, the EMA 50-day acts as a resistance to the price chart, suggesting uncertainty in future price action.
If the market pushes the price above the resistance level of $0.020, the bulls will regain momentum and test its upper high of $0.325. Conversely, a bearish price sentiment may result in the price testing its low of $0.01 during the coming time.
TokenFi (TOKEN)
With an aim to simplify the crypto and asset tokenization process, TokenFi made its official mainnet debut on 28th March. This altcoin has recorded significant fluctuation in its valuation since the year started, highlighting a constant rise in investor’s interest in this project.
The TOKEN price started the year with a value of $0.0325 and recorded a high of $0.246 during March, a jump of 656.92% in valuation, following which the bulls lost momentum. However, the token has regained power, indicating a positive outlook for it during the upcoming months.
The technical indicator, MACD, displays a constant decline in the red histogram, indicating an increase in the buying pressure within the crypto space. Furthermore, the averages show a high possibility of a bullish convergence, suggesting a positive outlook for the altcoin in the coming time.
If the market pushes the TokenFi price above the resistance level of $0.129, the bulls will regain momentum and prepare to test its upper high of $0.202 during the upcoming weeks. However, a bearish pullback may result in the altcoin falling toward its crucial support level of $0.055.
Conclusion:
The Decentralized (DeFi) tokens have displayed a significant increase in the buying and selling pressure within the crypto industry, indicating a rise in investor’s interest in it.
Further, with the upcoming bull cycle, the DeFi category is predicted to record a new all-time high (ATH) as this category plays an important role in the crypto space.
Note: This article was written only for research purposes and is not a piece of financial advice. The tokens were selected based on their historic market sentiments and not for promotion. Make sure to do your own research before investing in any digital asset(s).
This news is republished from another source.
