What will be the prices of DENT, AR and MLN seeing the top?

In the decentralized finance (DeFi) ecosystem, there are several tokens that have caught an accelerated price movement in recent days. Dent, Arweave and Enzyme prices have increased, especially with the increasing need for data privacy. So what’s next?

Cointelegraph analyst Rakesh Upadhyay made technical analysis for Dent, Arweave (AR) and Enzyme (MLN), which attracted attention with price increases.

DENT / USD – Dent teknik analyzes

The DENT token has entered a strong bull market. After hitting the lowest level of the day with $ 0.0048 on March 19, it rose to $ 0.0149 on March 23, and the increase in five days reached 206 percent. During this rally, the relative strength index (RSI) rose above 90, and it was seen that there was a lot of buyout in the short term.

Daily chart of DENT / USDT parity. Source: TradingView

Long wicks observed in the recent candlesticks show that traders are taking profits at high levels. This indicates that the DENT / USD pair can mature with a correction or consolidation. The price, which had already declined for two days in a row, fell below the 38.2% Fibonacci retracement level ($ 0.0104).

If the bulls can defend this level and achieve daily close above, it will turn out that traders are not in a hurry to exit. Thus, the possibility of the upward movement to start again will increase. If the uptrend resumes and the price breaks above $ 0.0149, the rally could continue to $ 0.0223.

Conversely, if the bears continue to keep the price below $ 0.0104, sales may intensify and the pair may first drop to $ 0.0089, calculated at the 50% retracement level, and then to the $ 0.0075 line at the 61.8% Fibonacci level. This deep drop will delay the next leg of the uptrend.

AR / USD – Arweave price analysis

The AR token climbed from an intraday low of $ 8.60 on March 1 to $ 25.06, hitting a 191 percent rally in 22 days. The bulls then strive to keep the price above $ 22, as evidenced by the long wicks on the candle models.

Daily chart of AR / USDT parity. Source: TradingView

The interim support at $ 19.50 tested down as of March 25 is critical. Because if this support is broken, the AR / USD parity can fall to the 20-day exponential moving average (EMA) at $ 17.10. In addition, the doji candle pattern formed during the day warns that the trend may return. It should also be noted that the price has not been below the 20-EMA for more than two consecutive days since January 1.

If the pair declines to the 20-EMA level and recovers upwards, it will be understood that investors have increased purchases in declines and the trend continues in the upward direction. If the bulls can push the price above $ 25.06, the pair could rise up to $ 30.

Contrary to this assumption, if the bears come in strong and cut the price below the 20-EMA, the pair could extend to the 50-day simple moving average (SMA) ($ 11.21). Such a move could herald a change in trend.

MLN / USD – Enzyme teknik analyzes

The MLN token, formerly known as Melon and later known as Enzyme, rose from an intraday low of $ 47.30 on March 15 to a peak of $ 111.11 on March 23. The MLN, which saw an increase of 134 percent in about 12 days, had very strong over the resistance of $ 83 on March 22, but this increase did not last long. The pair tested the 20-day exponential average (EMA) ($ 62) after seeing a hard correction for two consecutive days.

Daily chart of MLN / USD parity. Source: TradingView

Bulls are scrambling to push the price up, as can be seen from the long tail on the dragonfly doji candle model, which was observed on March 25. If purchases increase following the exit of the profit makers, the MLN / USD pair will test the resistance at $ 83.

If the bulls break through this resistance, its conversion to support will now try to bounce off this level and push the price above $ 111.11. If successful, the pair could rise to $ 128.67.

Alternatively, if the bears continue to keep the price below $ 83, it will be understood that the market is rejecting the higher levels. This can increase outputs and bring the price down to $ 65.44.

The views and comments expressed here belong only to the analyst. 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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