The cryptocurrency industry has gained more than 1.5% in the last day, indicating a bullish influence on the market. Furthermore, the market concluded the previous month on a positive note as major tokens recorded a new yearly high during this time.
On the other hand, the DeFi space has started to gain traction as many tokens have seen significant jumps in their values โโrecently.
Battery price analysis:
STX price traded in a tight space between $0.6338 and $0.6914 for a brief period, after which the bulls gained momentum and the price broke out of the range, but the rally was short-lived as the bears withdrew the price within the range. .
Following this, Stacks traded in a consolidated range between $0.6338 and $0.6914 for three weeks during which the price faced significant price volatility. Recently, the bulls successfully broke its key resistance level at $0.6914, after which the price was rejected at $0.8028.
The stacks then lost momentum and retested its initial level of $0.6914, but the bulls kept the price strong, causing the price to make another attempt to break out of its upper level of $0.8028.
The Moving Average Convergence Divergence (MACD) is showing a sharp rise in its histogram, indicating increased buying pressure in the market. Furthermore, the averages show a steady increase, suggesting that the price will continue to gain value in the coming days.
If the bulls sustain the price above the $0.8028 level, STX price will continue to gain momentum and will soon test its overhead resistance level of $0.860. On the contrary, if the bears dominate the bulls, the coin will lose momentum and fall to test its support level of $0.7641 next week.
BEAM Price Analysis:
BEAM price traded in a narrow space between $0.004570 and $0.005249 for a period, after which the price jumped 33% before facing rejection at $0.006983.
After multiple failed attempts, the price broke through the resistance level of $0.006983, but the rally was short-lived as the price was rejected at $0.008812. The price then traded sideways for two weeks, after which the bulls gained enough momentum to break out.
BEAM price then traded in a consolidated range between $0.008812 and $0.0101 for a while. Recently, the bulls gained momentum and recorded a 13% jump, causing the price to record a new high.
The Relative Strength Index (RSI) levels recently broke out of the overbought range, indicating strong bullish sentiment in the market. Furthermore, the average shows an ascending pattern, suggesting that the price will continue to gain value in the coming time.
If the bulls gain power, the price will continue to rise and will soon test its resistance level of $0.0125. Furthermore, if the market sustains the price at that level, BEAM price will prepare to test its upper resistance level of $0.0140.
On the contrary, if the bears dominate the bulls, the price will lose momentum and fall to test its support level of $0.0101 soon. Furthermore, if the bears continue to dominate the market, it will experience a decline and test its lower support level of $0.0088.
Synthetix Price Analysis:
SNX price showed a steady high, resulting in the price steadily gaining value in your portfolio. The price traded in a consolidated range between $2,554 and $2,786 for over a week, after which the price showed a 22% jump but faced rejection at $3,234.
Following this, the price lost momentum and tested its low of $2,554, but the bulls kept the price strong, resulting in a rebound. The price showed a notable rise, but was rejected at $3.764.
Since then, the price has been trading in a consolidated range between $3,234 and $3,764. A breakout is expected to be tested soon, but with uncertainty about the possibility.
The MACD is showing a steady green histogram, indicating continued enormous buying and selling pressure in the market. Furthermore, the averages show a bullish convergence, suggesting the possibility of a price jump soon.
If the bulls gain power, SNX price will regain momentum and prepare to test its resistance level of $3,764. Furthermore, if the market continues to gain momentum, it will try to test its upper resistance level of $4 next week.
On the other hand, if the bears gain control over the market, the price will lose momentum and fall to test its support level of $3,234 soon. Furthermore, if the bears continue to dominate the market, it will sink further and test its low of $2,986 in the coming time.
Conclusion:
The DeFi space has shown massive price action by adding significant value to their respective portfolios. Although the category is currently trading at a very low price from its previous ATH, it is expected to gain a lot of traction in the next cycle.
