Uniswap’s Recent Decision Spark Speculation of a DeFi Season
- MKR broke the $2,065 resistance, suggesting a climb above $2,200.
- Despite random pullbacks, the EMAs indicated that LDO might rise to $4.
- Increasing volatility along with upward momentum could push RLD toward $0.20.
Uniswap’s decision to share its revenue with stakers and delegators has brought life to other DeFi projects. There was speculation on X (formerly Twitter) that the liquid staking project Lido Finance (LDO) might follow suit.
Other projects that have also gotten attention as a result of the development include MakerDAO (MRK) and Rollbit Coin (RLB). However, Coin Edition’s assessment of the market showed that the prices of the tokens have had different performances in the last seven days.
At press time, MKR remained above $2,000. But this was almost the same value as it was seven days ago. For LDO, the price increased by 0.57% in the last seven days, while RBL climbed by a staggering 15.62%.
Maker (MRK)
From the 4-hour MKR/USD chart, bulls had broken the resistance at $2,065, indicating that an extended rally could be close. Furthermore, the previous selling pressure had been neutralized by a support at $2,025.
As it stands, intense buying pressure could push MKR much higher. From a bullish point of view, MKR’s price could rise above $2,200 if buying pressure increases. For this to be plausible, bulls have to ensure that they hold on to $2,025. If not, the price might slide below $2,000.
Furthermore, indications from the Moving Average Convergence Divergence (MACD) aligned with bullish momentum. If the MACD reading increases, MKR might rally as high as $2,430, where the 2.618 Fibonacci was positioned.
MKR/USD 4-Hour Chart (Source: TradingView)
Lido (LDO)
The LDO/USD 4-hour chart was similar to Maker. But in LDO’s case, its rise to $3.40 has been marred by some pullbacks. However, the price might not experience a significant drawdown due to indications shown by the Exponential Moving Average (EMA).
At press time, the 20 EMA (blue) was at $3.27, while the 50 EMA (yellow) was at $3.20. This crossover meant that MKR’s trend was bullish. As long as the price does not slide below the 9 EMA, MKR could rise toward $4 in the short term.
However, traders need to watch out for selling pressure. If bears trigger a wave of sell orders, LDO might drop below $3.20. Should this be the case, the token might drop below $3. But in the meantime, that might not happen.
LDO/USD 4-Hour Chart (Source: TradingView)
Rollbit Coin (RLB)
RLB attempted to reach $0.165 on February 25. But bulls’ effort at hitting the value was met with resistance around $0.163. However, the Bollinger Bands (BB) showed the volatility around the token was high.
Therefore, there could be significant price fluctuations in the short term. Further, the Awesome Oscillator (AO) had a positive reading, suggesting increasing upward momentum. If the momentum continues to increase, RLB’s price could rise toward $0.20.
RLB/USD 4-Hour Chart (Source: TradingView)
Going forward, there is a chance that the prices of MKR, LDO, and RLB might rise higher than they have recently done. Should this be the case, capital might start to flow into more projects with DeFi fundamentals.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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