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DeFiChain Price Analysis: DFI Crypto is Recovering Back from the Lower Range, What’s Next?

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DeFiChain Price Analysis
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  • DeFiChain price managed to gather support from the lower end of the consolidation phase over the daily chart.
  • DFI crypto has recovered till 20 EMA and is trying to recover above 50, 100 and 200-days Daily Moving Average.
  • The pair of DFI/BTC is at 0.00004206 BTC with an intraday gain of 4.60%.

By trading at 2021 lows, DeFiChain is currently attempting to develop strong upward momentum on the chart. The token hopes to break out of the consolidation phase with help from the bulls. For DFI coin to move past the consolidation stage, it has to attract additional buyers. The DFI token originally dropped through a bearish rally before becoming stranded inside a range-bound zone. DFI has to break out of the consolidation period in order to keep from plunging deeper down the chart. DFI crypto has been consolidating inside the range of $0.75 and $1.22.

DeFiChain price, which is presently CMP at $0.902, has seen a 7.98% gain in market capitalization over the last 24 hours. However, trade volume has only slightly increased by 2.69% during the intraday trading session. This suggests that buyers are still hoarding to stop additional losses even if DFI is now behind and needs continuous assistance from bulls. Volume to market cap ratio is 0.0145.

On the daily chart, the DFI coin price is attempting to break out of a consolidation period. For the token to break the pattern, bulls must provide support. DFI investors ought to keep an eye on the daily chart for any changes in trend. Investors in DFI must wait before forming opinions about the token’s velocity. The volume on the chart is steadily decreasing since the volume change is below the average line and must rise to be registered to show the breakout of the DFI token.

Will DFI Crypto Register its breakout from the Consolidation Phase?

Technical indicators suggest the uptrend momentum of DFI coin. Relative Strength Index showcases the uptrend momentum of DFI coin. RSI is at 46 and is approaching neutrality. MACD exhibits the bullish momentum of DFI coin. The MACD line is about to cross the signal line upwards resulting in a positive crossover.

Conclusion

By trading at 2021 lows, DeFiChain is currently attempting to develop strong upward momentum on the chart. The token hopes to break out of the consolidation phase with help from the bulls. For DFI coin to move past the consolidation stage, it has to attract additional buyers. The DFI token originally dropped through a bearish rally before becoming stranded inside a range-bound zone. The volume on the chart is steadily decreasing since the volume change is below the average line and must rise to be registered to show the breakout of the DFI token. Technical indicators suggest the uptrend momentum of DFI coin.  

Technical Levels

Support Levels: $0.80 and $0.75

Resistance Levels: $0.95 and $1.05 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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