The post Top DeFi Tokens: DYDX, RUNE and CAKE Price Analysis appeared first on Coinpedia Fintech News
With Bitcoin crossing the $35K level, the altcoins are booming especially the DeFi sectors. The Top DeFi tokens are breaking multiple resistances to give double digit returns over the last week and teases an uptrend continuation. In the last 24 hours, the top DeFi token performers are DYDX, RUNE, and CAKE.
Let’s have a closer look at the price action analysis of these tokens.
Being amongst the Top DeFi tokens, the DYDX token remains a high performer over the past few weeks. For the majority of 2023, the DYDX coin price traded sideways, forming a symmetrical triangle pattern in the 1D chart. However, the recent bull cycle within the pattern aligns with the market-wide recovery.
Accounting for a 118% jump in the last 28 days, the uptrend breaks above the overhead resistance trendline. With the triangle breakout rally surpassing the $4 mark, the Fibonacci trend-retracement levels teases an uptrend to the $5 mark.
Currently, the DYDX coin price trades at $4.06, having grown 2.27% intraday. The increasing trading volume supports the breakout rally.
RUNE token price displays a sharp bullish comeback in the weekly chart with a 500% hike in the last 100 days. The bullish reversal hikes the Thorchain market value from $0.7 in July 2023 to the current market price of $5.72. Being amongst the Top DeFi tokens as per market cap, the ongoing recovery sets the RUNE token as a lucrative investment.
The uptrend challenges the long-coming resistance trendline and increases the possibility of a golden crossover in the weekly chart. Further, the sharp increase in the trading volume supports the uptrend continuation thesis.
The CAKE token price displays a sudden trend reversal as the overall market recovery picks up momentum. Reclaiming the 50D and 200D EMA, the DeFi Token shows a high possibility of a golden crossover increase.
The PancakeSwap token price shows a bullish trend of 147% in the last three weeks and surpasses the $2.60 mark. Currently, the CAKE price trend shows a bullish trend continuation with a short-term range breakout teasing a price jump to $3.
In conclusion, the Top DeFi tokens are gaining momentum and provide multiple entry points with the frequent breakouts and the golden crossover possibilities.