DeFi Coin Price Forecast: DeFi Coin Forms Prominent Bullish Flag Pattern

DeFi Coin Price Forecast: May 9

The DeFi Coin price forecast shows the unwavering attitude of the buyers of DeFi. The price action visible on the chart is formed by higher highs and lows.

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

Key Levels:
Supply Zones: $0.5710, $0.4050, $2750
Demand Zones: $0.2279, $0.3630, $0.4630
DEFCUSD long bullish candles are very obvious signs that the bulls are extremely active in the market. The activity of the bulls is so clear as previous supply zones are not even retraced for support before the new resistance levels are taken out.

DeFi Coin Price Forecast: DeFi Coin Outlook

The market has formed a smaller bullish flag within a larger bullish flag on the hourly chart. A bullish pennant formed on the fourth and fifth of this month. The pennant structure forms a major part of the pole of the overall bullish flag.

The bullish flag formed from the bullish breakout of the pennant to continue the uptrend. The pole was completely formed on the same day as the breakout from the pennant. The market retraced to $0.3640.At that price, the Williams Percent Range indicated the market was oversold.

The bulls struck for the third time violently on the 6th. A new high has been formed at $0.5710. The market is currently forming the retracement part of the bullish flag.

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

DEFCUSD retracement is prominent on the 15-minute chart. Lower highs and lows are forming the retracement part of the bullish move. The Average Directional Index shows that the strength of the momentary bearish trend is weaker than the bullish leaps.
The Williams Percent Range is also oversold. This is likely to prompt the bulls to strike again with the aid of the supporting trend line. The previous high at $0.5710 is expected to be the next target for the bulls to aim for.

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