Select Page

UNFI Attempts Reversal While DeFi Index Makes New Highs

UNFI Attempts Reversal While DeFi Index Makes New Highs
Loading...
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Unifi Protocol Dao (UNFI) has been decreasing, since it reached an all-time high price of $44.39 on March 1.

However, it has reached a crucial support area and is trading inside a descending wedge, which is considered a bullish reversal pattern.

UNFI continues correction

UNFI has been moving downwards since March 1, when it reached an all-time high price of $44.39. The downward movement has been gradual and choppy.

Currently, the token is trading right above the $17.75 support area. This is the 0.618 Fib retracement level of the entire upward movement. UNFI has not traded below this level since Feb 15.

However, technical indicators are bearish. The MACD is decreasing, the RSI is below 50, and the Stochastic Oscillator has made a bearish cross.

If a breakdown occurs, the next support level would be found at $10.50. This is the 0.786 Fib retracement level of the same upward movement.

Chart By TradingView

Future UNFI movement

Cryptocurrency trader @Thetradinghubb outlined an UNFI chart, stating that the token is approaching its preferred buy zone. The zone coincides with the $17.75 area outlined previously. Afterwards, a bullish reversal is expected.

UNFI Movement
Source: Twitter

The shorter-term six-hour chart supports the possibility of a bullish reversal. The token is trading inside a descending wedge, which is considered a bullish reversal pattern. In addition, both the RSI and MACD have generated bullish divergence. At the time of writing, the price was trading right at the support line of this pattern. 

If a breakout occurs, the closest resistance area would be found at $33.65. This is the 0.618 Fib retracement level of the entire downward movement.

UNFI Wedge
Chart By TradingView

DeFi Index

The DeFi index made a new all-time high of $3,847 on May 12. Similarly to UNFI, it has been decreasing inside a descending wedge since then. 

In addition, it has bounced at the $3,050 support area. 

Loading...

Technical indicators are turning bullish. The RSI has generated bullish divergence, while the MACD is close to giving a bullish reversal signal.

Therefore, a breakout from the wedge is expected, which would likely take the index back to the $3,670 all-time high resistance area.

DEFI Index
Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

The post UNFI Attempts Reversal While DeFi Index Makes New Highs appeared first on BeInCrypto.

 

Source: BeInCrypto

 


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here

Loading...

Categories

Select Sub Category
category
60d3e7caebd54
1
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber