We can see DEFIPERP is cooling off and having some healthy consolidation after a massive rally. I believe this will break up as this pattern is an inherently bullish one.
FOMO is here, not allowing DeFi Index to go for a correction.
It has broken the highest diagonal resistance and 1.618 level ATM, so I expect higher targets a d they don't seem to be very high for DeFi.
There are a lot of coins that are still looking for use cases out there. I remember when there were coins that said that they can do anything and everything. They would even tie your shoe for you! According to the shills that is. Right now in crypto, there is a group that just doesn’t stop. That is the newly founded Defi movement. These coins have found an area...
The index itself is in a range while tokens like lend are extremely bullish for weeks. But there is a time for everything...
As the DeFi index is approaching the top of its range, and RSI also reaching its bear trend while apparently having a bit of bearish divergence too, we can expect the next move to be another test of bottom of the range.
A breakout afterwards...
Looks like it will just climb up stairs for while. Recently has been a huge explosion in the space, so a pullback should not be unexpected. but at the same time, there is no way to short this. Long.
Scary bullflag on DEFIPERP, wants to trend along the outside of this fib spiral.
I recommend REP for a buy as they are releasing V2 in July.
DeFi holds promise from a TA perspective.
DeFi coins is hyping around crypto and here is TA for them.
On FTX we can see the DeFi Index based on charts of COMP, KNC, LEND, MKR, KAVA, LRC, REN, REP, BNT, SNX and ZRX (each coin is weighted equally). It can be traded at FTX with up to 100x leverage.
So on the price i marked all triangle shapes and found Giant Wedge
It already breaking out from it and...
I did not pay attention too much to the Decentralized finance trend in crypto because until few months ago, just classic lending platforms were on the field. Now things changed. It has reached the front page on the crypto world because of the launch of the COMP token (will talk about it in a seprate idea) and the DeFi future on the exchange you see in the graph....
