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With the Bitcoin price gaining huge strength, the entire crypto space is gaining a good bullish momentum. And hence as the Ethereum price comfortably hovering above $3000, the DeFi space may have begun with the bull run. Popular DeFi tokens like Fantom(FTM), Loopring(LRC), dYdX(DYDX), etc are surging highs. Some tokens like Avalanche(AVAX) may scramble down slightly before the next leg up.
Fantom(FTM)
The Fantom price despite the recent plunges managed to sustain strongly above the uptrend line. With the recent flip, the asset displayed its capacity to withstand extreme pressure. And hence citing the current trend, FTM price may range high very soon escorting the price close to its ATH above $3.3.
The FTM price as mentioned before flipped well before the trend line and is currently testing one of the crucial resistance levels. The asset previously got rejected at these levels a fortnight before, and further maintained its strong bullish momentum to regain its lost levels. As the asset is extremely near to its ATH, it’s very important for the bulls to maintain their strength. Therefore, if the next leg is pulled beyond $2.6, then one can expect a new ATH anytime in Q1 2022.
Loopring(LRC)
Loopring(LRC) price elevated its support levels and once again smashed the upper resistance levels. The asset was rejected a couple of times before at $1.09 and with a successful attempt the LRC price is trading above $1.1 at the press time. However, asset is again consolidating along these resistance levels and as before, the possibilities of yet another plunge haunt the rally.
LRC price is currently consolidating yet again along the important support levels as it did before. However, the possibilities of the asset plunging below the support levels are pretty high as the buying volume has significantly dropped. Yet after a slight pullback below the support, the asset is primed to roar back towards the high demand area. Here a huge influx of liquidity may be possible that may uplift the price towards the important resistance levels. Once done a notable uptrend may be certified that could assist the price towards its ATH.
Avalanche(AVAX)
The Avalanche price ever since smashed its bottom close to $50 appears to have followed a calculated recovery. The asset reciprocated the waterfall model and kept a notable upswing intact which remained unaffected by minor plunges. And hence the price kept on swinging within a rising parallel channel that constantly raised towards the resistance and also visited the support levels.
The asset after reaching the resistance has flipped each time and hence a similar trend is expected currently. The asset may drop to the middle bands of the channel and eventually get a larger boost to surge beyond the resistance of the channel. Moreover, the possibilities of the asset ranging beyond $90 appears to be pretty high and hence in such a case a significant uptrend may be valid that could ignite a bull run towards its ATH.
