Watch out for these 3 DeFi tokens price over the weekend

The decentralized finance (DeFi) market approached $ 80 billion. The total amount of locked assets also approached $ 40 billion.

While the industry is making progress, the movements of the 3 DeFi protocol token as of the weekend draw attention. Cointelegraph analyst Rakesh Upadhyay gave a price assessment for the featured Qtum, Status Network (SNT) and Iota (MIOTA).

QTUM / USD – Qtum technical analysis

The QTUM price rose from an intraday low of $ 3.18 on Feb. 1 to $ 8.82 on Feb. 11 and rallied 177 percent within two weeks. The break from resistance at $ 5.90, which could not be overcome for a long time, ended the long-term bottom structure, indicating the beginning of a new uptrend.

Usually long price bases act as a powerful launch pad for the next trend move. The longer the ground, the stronger the detachment from there.

Daily chart of QTUM / USDT parity. Source: TradingView

The price bouncing up after establishing a long floor is retesting the higher levels. The long wick in the candlestick formed as of yesterday is an indication of high profit purchases. The relative strength index (RSI) data also points to an overbought level.

The probability of the price falling to $ 5.90 is still on the table. If the bulls can turn this level, which used to be resistance, into support, and the price bounces clearly up, the uptrend will be more likely to restart. On the upside, the first target is $ 10.30 followed by $ 14.7.

Contrary to this assumption, if the price drops below $ 5.90 and stays there for a while, the current rally will turn out to be a bull trap. The QTUM / USD pair could then drop to around $ 4.75 where the 20-day moving average is calculated.

SNT / USD – Status Network price analysis

While the SNT price achieved its lowest intraday value with $ 0.0465 on February 1, it rose 170 percent in two weeks to $ 0.1260. The long wick in the candlestick observed here indicates that investors are taking profits at high levels.

Daily chart of SNT / USD parity. Source: TradingView

There is a possibility that the SNT / USD pair will drop to the 38.2% Fibonacci retracement level currently calculated at $ 0.0935 and then to the 50% retracement level at $ 0.0835. If the price drops and bounces at either level, it will turn out that investors are buying on price drops. Then they will try to continue the uptrend.

If the bulls can push the price above $ 0.1260, the uptrend could continue to $ 0.1786 and then to $ 0.20.

This bullish outlook will be invalidated if the bears pull the price below $ 0.0835. Such a move will show that supply exceeds demand and could result in a decline to the 20-day exponential moving average (EMA) ($ 0.066). If a sharp decline comes in, a sideways course is likely to be seen before the next trend action begins.

MIOTA / USD – Iota tehnik analiz

Iota had been stuck in the dip model for over two years. The price, which was $ 0.4367 on February 5th, rose to $ 1.29 as of yesterday. There was a 197 percent increase in just seven days. Altcoin gained momentum after passing $ 0.55, which was working as strong resistance.

Daily chart of MIOTA / USD pair. Source: TradingView

The accelerated rise pushed the relative strength index (RSI) level above 91. So the rally has accelerated excessively in the short term and a small correction or a flat course may be observed. If the MIOTA / USD pair breaks down and leaps up to $ 0.94, where the 38.2% Fibonacci retracement level is calculated, the uptrend will be on the ground.

The bulls will then try to continue the uptrend. If buyers push the price above $ 1.29, the pair could extend its rise to $ 2.00 and then $ 2.60. As the price has been moving in the bottom pattern for a long time, the uptrend is likely to surprise in the opposite direction.

Contrary to this assumption, if the price drops from the current level and falls below $ 0.83 where the 50% Fibonacci retracement level is calculated, this time the pair could retreat to the 61.8% retracement area located at $ 0.72. Such a deep drop will indicate that the momentum is weakening.

The opinions and comments expressed here are only analyst belongs. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.

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