With the ongoing volatility in the cross-border payment system, DeFi tokens have recorded a strong bullish recovery by displaying positive price action over the past few days. Moreover, top tokens have successfully breached important resistance levels, suggesting a bullish outlook.
The Graph (GRT)
Amid increased positive action, the GRT price has successfully maintained its price above its crucial support level of $0.1375. Further, it has added 5.61% within the past day and 7.39% over the past week. With a market capitalization of $1.449 billion, it has secured the 51st position in the global crypto list. The technical indicator RSI is on the verge of surpassing the midpoint, indicating an increase in the buying-over-selling pressure for the GRT price in the crypto market. Further, the MACD shows a similar price action, suggesting a positive outlook for the altcoin in the coming time. If the bulls hold the price above its crucial support level of $0.1375, the Graph price will head toward its resistance level of $0.1980. Conversely, bearish price action could result in the DeFi token plunging toward its new yearly low.
Maker (MKR)
After trading under a negative influence for a brief period, the Maker price has recorded a jump of over 5% in the past 24 hours with a trading volume of $70.502 million. With a YTD return of 22.89%, this altcoin has secured the 46th position with a market cap of $1.883 billion. The Moving Average Convergence Divergence (MACD) has recorded a constant rise in the green histogram with an intensified positive action in its averages. This suggests that the Maker price will continue trading under a bullish influence in the coming time. Suppose the bulls continue to dominate the market; in such a case, the MKR price will head toward its high of $2,630. However, a negative action could pull the DeFi token toward its crucial support level of $1,700 in the coming time.
Stacks (STX)
The STX price has continued to display a bullish price action by adding 9.44% in the past day and 12.53% over the past week. Moreover, the altcoin is on the verge of testing its important resistance level of $1.675, the outcome of which is unpredictable. The technical indicators, MACD and RSI have each displayed a constant rise in their price charts. This indicates an increase in the bullish sentiment for the Stack price. Moreover, the averages support the price chart, suggesting a positive outlook for the altcoin. If the market maintains the bullish sentiment, this DeFi token’s price could prepare to test its upper resistance level of $2.135 during the upcoming weeks. Negatively, a trend reversal could pull the price toward its low of $1.230 this month.
Recent price movements of the aforementioned DeFi tokens indicate a strong bullish recovery in the market. If the current positive trends continue, these tokens have the potential to outperform other altcoins in the upcoming bull rally.
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