DEFICHAIN – ALTCOIN CHART ANALYSIS

DFI (DeFi Chain) has been able to hold up very well for a while and is correlated with Bitcoin or even outperformed Bitcoin at times during this phase. This phase now seems to be over.

We are currently trading at around USD 2.20 in a clear downtrend. The last few days we are struggling with the 4H-EMA ribbons, which meanwhile represent a strong resistance.

In the short term, we see at least some hope. A small falling wedge chart pattern has formed which, after a breakout to the upside, has a price target of around $3.10.

On the daily chart we are in an important key level with a lot of liquidity. Here we have a wick to fill that has been in place since October 2021 before we could see a sharp rise.

This wick goes to around $1.90 and could mean a potential bottom as we have seen a number of bounces at this level. The RSI is in an oversold territory.

At the top, the first significant resistance is only around USD 3, which would fit our chart pattern. We have to wait and see for the next few days and then hope for a bottoming out.

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