The crypto space has almost painted in green from the past couple of days, as most of the assets are recording bullish daily closes. For instance, Bitcoin again smashed $45,000 but could not hold strong. On the other hand, Ethereum maintains above $3100 displaying huge chances of achieving crucial resistance at $3200 at the earliest. And hence the DeFi space is expected to jump into action quickly and secure their levels in the safe zone very soon.
Curve DAO Token(CRV) Technical Analysis for Short-Term
Source: Tradingview
- The CRV price bounced off the lower support and surged high hitting the upper resistance of the falling wedge following a predetermined bullish path
- However, the asset faced a rejection at these levels which may get intensified during the weekend. And hence could bottom hard at the support to ignite a strong flip
- No doubt the flip may not uplift the price beyond the crucial resistance at $3.8, yet could minimize the gap in between.
- Nevertheless, the asset is on the verge to close the quarterly trade at a bearish note and if it happens, then the beginning of the quarter will be much similar to that of the beginning of the 200 yearly trade, a descending consolidation
Read More: Top 10 DAO Tokens in 2022.
Maker(MKR) Technical Analysis for Short-Term
Source: Tradingview
- The MKR price after breaking out from the bullish flag ranged high close to 8% and began with a healthy consolidation
- The price is unable to break out beyond $2000 nor drop below $1960, hence accumulating strength within a parallel channel from quite a long time
- However, from the past couple of days, the asset is been rejected at $2055 levels, a lowered resistance from $2100, signifies the mounted bearish momentum
- And hence the price may eventually slide down to the lower support at $1960 and ignite a strong upswing to close the Q1 trade.
Anchor Protocol(ANC) Technical Analysis for Short-Term
Source: Tradingview
- The asset, after getting rejected from $2.8, faked out above $2.7 levels once but continued accumulating in between $2.5 to $2.6 until facing another massive plunge
- The ANC price witnessed a steep drop of nearly 7% which was followed by a minor consolidation in between $2.45 to $2.41, hence forming a bearish flag.
- Currently, the highlighted zones are extremely important to decide the next move as a breakdown from here may drag the price towards the lower support close to $2.2
- Else if the asset successfully invalidates the pattern, a breakout could raise the levels high towards the resistance at $2.5
Read More: Anchor Protocol(ANC) Technical Analysis: ANC Price Eye’s at 18% Upswing This Week!
Aave(AAVE) Technical Analysis for Short-Term
Source: Tradingview
- The Aave price ever since surged high to hit the first monthly highs around $164 dropped hard and began swinging within an ascending parallel channel
- However, following within the pattern, the AAVE price managed to flip and form a new monthly high close to $175 and dropped below
- The asset successfully managed to sustain at the middle bands of the channel where-in the asset may ignite a rebound towards the upper resistance of the channel
- Nevertheless, until and unless the price does not slice through the channel, the uptrend cannot be validated, but the consolidation may be continued.
Read More: Aave (AAVE) Technical Analysis: AAVE Price Trying Hard for A 15% Jump!
Compound(COMP) Technical Analysis for Short-Term
Source: Tradingview
- Compound price led to a massive uptrend after a brief consolidation for almost a week. However, it soon ignited a notable consolidation forming a bullish flag
- The asset, currently, is approaching towards the resistance, which can be considered as a decisive phase primed to determine the next leg
- If in case, the asset successfully barges in through these levels, then an uptrend could carry the price above $125 or else a drag may pull the price slightly towards $114 again
- However, a breakout appears to be imminent, either in the next 24 hours or somewhere in the upcoming week
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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