Bitcoin (BTC) market cap exceeds the combined value of Visa and Mastercard ($ 871 billion), challenging traditional markets. With a market value of $ 1.15 trillion, Bitcoin also surpassed the combined value of JPMorgan Chase, Bank of America and the Industrial and Commercial Bank of China, the world’s three largest banks.
As Bitcoin grows, new institutional investors are likely to join the cryptocurrency ecosystem. In addition, the increasing popularity of DeFi and non-fungible tokens (NFT) is among the most important issues of recent times.
There are several decentralized finance (DeFi) and NFT tokens that have performed well over the past few days. Cointelegraph analyst Rakesh Upadhyay evaluated the three prominent tokens.
ORBS/USD – Orbs teknik analiz
ORBS price rose 695 percent to as high as $ 0.35 on March 16, after hitting the lowest $ 0.044 on March 13. This sharp rally pushed the relative strength index (RSI) above 98, an unsustainable level.
Daily chart of ORBS / USDT parity. Source: TradingView
The long wick on the candlestick observed on March 16 indicates higher gains. The ORBS / USD pair gave hints that it would then go into a correction or consolidation process. As the first sign of danger, a pullback to the support level at $ 0.2 came, but the bulls sped up purchases and broke up above $ 0.23.
As long as the price stays above this level, the bulls can buy with small decreases and hold the pair. If this is possible, $ 0.35 can be retested. If the previous high could be exceeded, this time a rally of up to $ 0.56 could be observed.
The bears keeping the price below $ 0.23 may intensify the sales. The next support in the negative zone appears at $ 0.19 where the 50% Fibonacci retracement level is calculated. A break below this level will reveal that the bullish momentum has weakened. Consequently, the next stage of the upward movement will be delayed.
DEGO / USD – Dego Finance price analysis
The long wick on the March 14 candlestick indicates higher profit taking. This was followed by a clear Doji candlestick pattern on March 15, and the indecision between the bulls and bears became clear.
Daily chart of DEGO / USDT parity. Source: TradingView
The bears are currently trying to resolve the uncertainty in their favor, trying to keep the price below $ 22.38 where the 38.2% Fibonacci retracement level is calculated. If they close below this level, the DEGO / USD parity can fall to the 50% retracement line observed at $ 18.73.
If either of the supports remains intact and the upward movement starts, it will be revealed that traders are continuing to buy on dips. The bulls can then attempt to push the price above its all-time high of $ 34.20. If they succeed, the next target is seen at $ 50.
Conversely, if the bears pull the price below $ 18, this time down to $ 15.07, where the 61.8% Fibonacci retracement level is calculated. Such a deep decline indicates that the consolidation process will be entered before the next trend move.
ONE/USD – Harmony teknik analiz
ONE price has entered a strong uptrend since the beginning of February. The recent rise to above $ 0.1 has led to higher gains, as evidenced by the long wick observed on March 15.
Daily chart of ONE / USDT pair. Source: TradingView
The bulls tried to push the price above $ 0.1 on March 16 but failed. This shows that traders prefer to take profit on rallies. However, the bulls have not given up yet. They continue to hold the price above the 38.2% Fibonacci retracement level calculated at $ 0.073.
As long as the ONE / USD pair remains above this level, a new move may come towards its all-time high of $ 0.108. If the bulls can push the price above this resistance, the next leg of the uptrend can begin.
Alternatively, if the bears pull the price below $ 0.07, the decline could extend to $ 0.06. A break below this support could lead to a decline to the 61.8% retracement level seen at $ 0.052.
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