DeFI Coin Price Forecast: DEFC Bulls Defend Demand Zone at $0.2320

DeFI Coin Price Forecast – May 22

The DeFI Coin price forecast is overall bullish. A correction is currently playing out after the impulsive move of the bulls to $0.5650.

DEFCUSD Long-Term Trend: Bullish (1 hour chart)

DEFCUSD Key Levels:
Supply Zones: $0.5650, $0.4730
Demand Zones: $0.3730, $0.2320
DEFCUSD coin support zone has halted further retracement in the market. The bears are currently experiencing a challenge passing through 0.2320.

DeFI Coin Price Forecast: DeFI Coin Outlook

DEFC bearish retracement was initiated on the 7th of May. The bulls struck at $0.5650 after three consecutive days of bullish impulse. The Moving Average of the BB (Bollinger Bands) rested above the hourly candles on the chart. The bullish move was temporarily paused, and a reversal was in play for the retracement. The Parabolic SAR also signified a stop and reversal below $0.5650.

The MACD (Moving Average Convergence Divergence indicator) moved from the overbought region on the 7th to the bearish region on the 12th. This caused a change of character on the 12th of May as the market dipped past $0.3730.

The bulls’ defense of the demand zone is obvious as the first test of the zone failed. On May the 12th, the demand zone was tested. The bulls reacted immediately. This caused a bounce in the demand zone.

DEFCUSD Medium-Term Trend: Bullish (5-Minute Chart):

DEFCUSD has not formed a new high or low since the bounce off the demand zone on the 12th of May. The bulls pushed the price to the major level above $0.3730. The bears are currently testing the demand zone at $0.2320 once again.
The market is currently ranging around that level. The bulls are willing to half the retracement to continue the bullish run. On the 5-minute chart, the sideways movement reveals the persistent action of the bulls in holding the demand zone. The bulls are willing to go long to the next key level above $0.3730 to create a bullish reversal in the market.

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