DeFi Coin Price Forecast: DeFi Coin Breaks Out of a Symmetrical Triangle

Updated:

DeFi Coin Price Forecast: May 11

The DeFi Coin price forecast is set to resume its bullish direction towards $0.5660. The bulls have made a significant move to continue ascending from $0.4140.


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

Key Levels:
Supply Zones: $0.5560, $0.5020
Demand Zones: $0.4140, $0.3670
DeFi Coin Price Forecast: DeFi Coin Breaks Out of a Symmetrical TriangleDEFCUSD leaped off the demand zone at $0.3670. The market then faced resistance at $0.5560. Lower highs and lows formed from the resistance zone at $0.5660.


DeFi Coin Price Forecast: DeFi Coin Outlook

A double top bearish pattern formed from the 8th of May into the 9th. There was a massive displacement towards $0.4140. The displacement caused a significant break in the structure on the 9th of May.

There was a retest of the double top neckline on the 10th of May. At that point, the Stochastic revealed that there would be a selloff, and, the MACD (Moving Average Convergence and Divergence) indicator was still below equilibrium. The MACD signified that the retracement was overdue.

The price action on the 1hr time frame, which gyrated from the 7th of May, was geared towards the demand zone at $0.4140. A breakout has been spotted from the symmetrical triangle. The bulls are likely to defend further bearish moves with the aid of the supporting trend line.


DEFCUSD Medium-Term Trend: Bullish (15-Minute Chart)

DEFCUSD breakout is expected to hold as the most recent high before the termination of the symmetrical triangle has been taken out. A bullish order block is present at the tip of the symmetrical triangle.
DeFi Coin Price Forecast: DeFi Coin Breaks Out of a Symmetrical TriangleThe bulls are expected to utilize the order block as a spring to make the breakout successful. The buying pressure is therefore expected to push the price to the next resistance level at $0.5020.

You can purchase DeFi Coin here: Buy DEFC

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.