The Defi Coin price is set for another bull race after a long dip dumped by the bears. In case the buyers manage to break up the pattern’s resistance trend line at a $0.09337 high value, a possible relief rally may drive the coin market price to the $0.400 resistance mark.
Resistance levels: $0.08500, $0.08600, $0.08700
Support levels: $0.07030, $0.06830, $0.06730
DEFCUSD Long-term Trend: Bearish (4H Chart)
The Defi Coin price is bearish on the higher time frame. This is due to the high impact of the sellers. The high order flow from the bears during yesterday’s session also added to this bearishness. However, the bulls are now in the market to turn around the trend.
Today, the buy traders made a correction at a $0.07195 value which further increases to the $0.07230 supply mark below the moving averages to resume its uptrend. This indicates an established bull trend.
Also, further jumps are sure, the market has fallen to a level of 10% of the momentum indicator. It indicates that the DEFCUSD pair is oversold. This will compel the buying pressure to resume full and the new bullish pattern may hit the $0.400 upper high mark.
DEFCUSD Medium-term Trend: Bearish (1H Chart)
The coin price still trades in a bearish market in its medium-term perspective. The sellers acted bravely during yesterday’s session by dumping the price of Defi Coin to a $0.07038 low value below the moving averages with a long bearish candle.
Thus, the momentum was lost after some time while the buyers returned the market price to a bullish section.
After a series of sideway moves, the bulls’ successes fully resumed and pushed the price of DEFCUSD to a high at the $0.07230 trend line after the 1-hourly chart opens today. Moreover, these new moves will actually strengthen the price recovery.
Hence, if the buy traders successfully keep the Defi Coin prices above $0.08927, the target might be the $0.400 supply level soon in its lower time frame.