The cryptocurrency industry has gained over 1.5% within the past day, indicating a bullish influence in the market. Further, the market concluded the previous month on a positive note as major tokens recorded a new yearly high during this time.
On the other, the DeFi space has started gaining traction as many tokens have recorded significant price jumps in their values recently.
Stacks Price Analysis:
The STX price traded in a closed space between $0.6338 and $0.6914 for a brief period, following which the bulls gained momentum and the price broke out of the range, but the rally was short-lived as the bears pulled back the price within the range.
Following this, Stacks traded in a consolidated range between $0.6338 and $0.6914 for three weeks during which the price faced significant price volatility. Recently, the bulls successfully broke out of their key resistance level at $0.6914, after which the price was rejected at $0.8028.
Stacks then lost momentum and retested its initial level of $0.6914, but the bulls held the price strong, resulting in the price making another attempt to break out of its upper level of $0.8028.
The Moving Average Convergence Divergence (MACD) displays a sharp rise in its histogram, indicating an increased buying pressure in the market. Further, the averages show a constant rise, suggesting the price to continue gaining value in the coming days.
If the bulls hold the price above the level of $0.8028, the STX price will continue to gain momentum and test its upper resistance level of $0.860 soon. Conversely, if the bears overpower the bulls, the coin will lose momentum and fall to test its support level of $0.7641 in the coming week.
BEAM Price Analysis:
The BEAM price traded in a narrow space between $0.004570 and $0.005249 for a period, following which the price jumped 33% before facing rejection at $0.006983.
After multiple failed attempts the price broke out of the resistance level at $0.006983, but the rally was short-lived as the price was rejected at $0.008812. The price then traded sideways for two weeks, following which the bulls gained enough momentum to break out.
The BEAM price then traded in a consolidated range between $0.008812 and $0.0101 for a while. Recently, the bulls gained momentum and recorded a jump of 13%, resulting in the price recording a new high.
The Relative Strength Index (RSI) levels recently broke out of the overbought range, indicating a strong bullish sentiment in the market. Further, the average shows a rising pattern, suggesting the price to continue gaining value in the coming time.
If the bulls gain power, the price will continue to rise and test its resistance level of $0.0125 soon. Further, if the market holds the price at that level, the BEAM price will prepare to test its upper resistance level of $0.0140.
Conversely, if the bears overpower the bulls, the price will lose momentum and fall to test its support level of $0.0101 soon. Moreover, if the bears continue to dominate the market, it will experience a plunge and test its lower support level of $0.0088.
Synthetix Price Analysis:
The SNX price displayed a constant higher high, resulting in the price constantly gaining value in its portfolio. The price traded in a consolidated range between $2.554 and $2.786 for over a week, following which the price displayed a jump of 22% but faced rejection at $3.234.
After this, the price lost momentum and tested its low of $2.554, but the bulls held the price strong, resulting in a bounce back. The price displayed a notable run but was rejected at $3.764.
Since then, the price has been trading in a consolidated range between $3.234 and $3.764. It is expected to test for a break out soon but with an uncertainty of the possibility.
The MACD displays a constant green histogram, indicating a massive ongoing buying and selling pressure in the market. Further, the averages show a bullish convergence, suggesting a possibility of a price jump soon.
If the bulls gain power, the SNX price will regain momentum and prepare to test its resistance level of $3.764. Further, if the market continues to gain momentum, it will make a run to test its upper resistance level of $4 in the coming week.
On the flip side, if the bears gain control over the market, the price will lose momentum and fall to test its support level of $3.234 soon. Moreover, if the bears continue to dominate the market, it will plunge further and test its low of $2.986 in the coming time.
Conclusion:
The DeFi space has displayed massive price action by adding significant value to their respective portfolios. Although, the category is presently trading at a much-discounted price from its previous ATH, but it is expected to gain major traction in the upcoming cycle.