DeFI Coin Price Forecast – May 16
The DeFI Coin price forecast has been bullish since the demand zone at $0.3160 has been defended. The support level has created good support twice to stop the downward motion of price.
DEFCUSD Long-Term Trend: Bullish (1 hour chart)
Supply Zones: $0.3910, $0.3750, $0.3490
Demand Zones: $0.3160, $0.3310, 0.3620
DEFCUSD changed direction to initiate the current bullish motion on the 13th of May. The bulls have revealed their unwillingness to let go of $0.3160.
DeFI Coin Price Forecast: DeFI Coin Outlook
Defi coin dipped past the demand zone of $0.3160 on the 12th of May. The market reacted significantly by forming a shadow under the bearish candle that struck $0.3160. This was followed by multiple bullish candles, which pumped the market price to $0.3490. The Moving Average period nine eventually turned bearish after a retracement back to $0.3750.
A double top was used to initiate a temporary reversal at $0.3490. The bulls revealed their presence with a spike that cleared the equal highs of the double tops.
The Parabolic Stop and Reverse (SAR) indicator was accurate and timely to signal bullishness on the 13th. The market faced resistance after smashing through $0.3910. This led to a temporary reversal in the market.
DEFCUSD Medium-Term Trend: Bullish (15-Minute Chart)
DEFCUSD market has formed an expanding channel after the previous demand zone at $0.3310 held price without breaking. The market has also bounced off the major level at $3310.
The Parabolic SAR and the Moving Average period nine are currently below the candles on the 15-minute chart. The indicators both signify the continuation of the bullish trend in the expanding channel. The market is likely to rise to the next major zone at $0.3490.
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