Crypto News

DeFi Tokens Rally While Bitcoin Bulls Attempt To Flip $19,500 To Support

  • The world’s negative-yielding debt has soared to over $18 trillion. In such times, it is no surprise that the decentralized finance space, a place where mouth-watering yields can be found, has become an investor favorite. 
  • Due to high investor demand, Coinbase pro has recently added support for several DeFi tokens and recently announced that it will extend support for Aave, Bancor, and Synthetix starting today. History suggests that when Coinbase lists new tokens, their prices jump in the short term.
  • The bulls have pushed Bancor’s price above the stiff overhead resistance at $1.435 from where the rally had reversed direction in mid-October. If the bulls can sustain the price above the breakout level, the BNT/USD pair could rally to $2 as there is no major resistance in between.
  • Bulls are currently attempting to push and sustain Synthetix price above the $5.50 overhead resistance, but this has been a major roadblock as the price has repeatedly turned down from it. However, repeated retests of a resistance level in a short duration tend to weaken it and increase the possibility of a break above it.
  • The altcoin SUSHI has been making a series of higher highs and higher lows since bottoming out in early November and currently the bulls are attempting to push the price above the stiff resistance at $2.46. If they succeed, the SUSHI/USD pair could move up to $3.50.
  • Read the full story here

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Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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