DeFiChain (DFI) Technical Analysis 2021 for Crypto Traders

DeFiChain (DFI) Technical Analysis 2021 for Crypto Traders

In DeFiChain (DFI) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about DFI to analyze the future trend of the cryptocurrency

The DeFi blockchain is a decentralized blockchain platform that provides fast, intelligent, and transparent decentralized financial services to anyone anywhere. Driven by the proof-of-stake consensus mechanism, it provides verified security and immutability by anchoring its most Merkle root in the Bitcoin blockchain every few minutes. 

The DeFi blockchain is designed for cryptocurrency investors who want their cryptocurrency to operate like any other form of capital, so that they can guarantee a return in any market.

DeFiChain (DFI) Current Market Status

According to CoinGecko, the DFI price is trading at $2.49 with a 24-hour trading volume of $1,768,712, at the time of writing. However, DFI has increased by 3.1% in the last 24 hours. Currently, DFI trades in Bittrex, Bitrue, LATOKEN, Hotbit, and KuCoin.

DeFiChain (DFI) Technical Analysis 2021 

The recent development and upgrades might push DFI to reach new heights. Now, let’s deep dive into the DFI technical analysis 2021. The daily time frame chart of DeFiChain (DFI) is shown below.

DFI/USDT Descending Falling Wedge Pattern (Source: Tradingview)

A descending falling wedge is a bullish pattern that starts at a high and contracts as the price falls. However, this price movement formed a downward cone. When the highs and lows of a trend converge. This shows that due to the huge volume of trade during this time, the price of DFI will continue to rise and in the near future it will surpass its all-time high price ever.

Currently, DFI is trading at $2.43. After this, DFI may continue to fall or rise according to the direction of breakout. With this pattern, DFI might reach the resistance level at $4.96 soon. If the trend reverses, then the price of DFI may fall to $1.75.

DeFiChain (DFI) RSI

The below chart shows the relative strength index (RSI) of DFI. 

DFI RSI (Source: TradingView)

As shown in the above chart, RSI remains at 58.8. This shows that DFI’s price is in a neither overbought nor oversold state. However, this shows that traders can trade fearlessly.

DeFiChain (DFI) RVOL

The below chart shows the Relative Volume of DFI. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

DFI RVOL(Source: TradingView)

Currently, the RVOL of DFI lies below the cutoff line which represents the weaker participants in the current trend.

DeFiChain (DFI) Moving Average

DFI’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

DFI MA (Source: TradingView)

Currently, DFI is in bearish state. However, DFI price touches 50 MA (short-term), and it has a high chance of moving above 50-MA level. Possibly, DFI can also move above 200 MA (long-term) soon.

Once it moves above 50 MA and 200 MA level, it completely goes to a bullish state. Moreover, there is a high possibility of Trend reversal at any time.

DeFiChain (DFI) Price Comparison With Bitcoin

The below chart shows the price comparison between DFI and BTC. 

DFI vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and DFI is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of DFI also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the DFI platform. DeFiChain has a great future ahead in this crypto market. However, DFI can reach new heights.

Bullish DFI price prediction 2021 is $4. As mentioned above, it may reach great heights, however reaching $4.96 is also possible, if investors have decided that DFI is a good investment in 2021.

FAQ

What is DFI?

DFI is a decentralized blockchain platform designed to enable fast, intelligent, and transparent decentralized financial services. It is built on Bitcoin. It’s native coin is DeFiChain.

Where can you purchase DFI?

DFI is listed on many cryptocurrency exchanges that include KuCoin, Bitrue, LATOKEN, Hotbit, and Bittrex.

Will DFI reach a new ATH soon?

With the ongoing developments and upgrades within the DFI platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.