Key highlights:

  • MKR saw a strong 27.7% price surge today as the cryptocurrency climbs back above the $1,000 level. It is now up 98% over the past month.
  • YFI saw a strong 32.7% price hike today as it breaks back above the $32,000 level.
  • SNX might have dropped by 7.6% today but is still up by a strong 56% over the past week as it trades above $12.

With BTC making fresh ATHs practically every day, the majority of the altcoin market has been pretty quiet until recently. However, over the past week or so, altcoins have started to rally again – with DeFi taking part in that.

In total, the entire market cap for the industry finally passed the $1 trillion level over the past 24 hours and can be expected to continue much higher.

Let us take a look at three of the strongest DeFi performers this week; MKR, YFI, & SNX.

Maker Price Analysis

What has been going on?

MKR saw a strong 27.7% price hike today, allowing the cryptocurrency to the current $1,052 level. For the majority of the past 4-months, MKR has pretty much just been trading sideways between $650 and $450. This made MKR a very strong hedge against the altcoin downtrend during this period whilst Bitcoin started to head toward its previous ATH levels beneath the $20,000 level.

As 2021 started, MKR finally managed to break above the upper boundary of this range as it headed above $600. It continued over the course of the week as it went on to increase by a total of 98% to break $1,000 and reach the current $1,052 level.

Yesterday, MKR surged from beneath $800 to create a fresh 2-year high not seen since May 2018. It closed at long term resistance provided by a 1.272 Fib Extension around $1,032.

Today, we can see MKR continued to climb higher to reach near $1,200 but has since dropped back toward $1,052.

MKR/USD price short term prediction: Bullish

After creating a fresh 2-year high, MKR is considered bullish right now. The coin would need to drop back beneath $700 to turn neutral again and would have to fall below $500 to be in danger of turning bearish.

If the sellers do push beneath $1,000, the first level of support lies at $982 (.236 Fib). This is followed by support at $885 (.382 FiB), $795 (June 2019 highs), $730 (.618 Fib Retracement), and $600.

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at $1,100. This is followed by resistance at $1,130 (1.414 Fib Extension), $1,200, and $1,270 (1.618 Fib Extension). Beyond $1,3000, resistance is found at $1,400 (1.272 Fib extension – orange), $1,500 (1.414 Fib Extension – orange), and $1,625 (1.618 Fib Extension – orange).

Yearn Finance (YFI) Coin Price Analysis

What has been going on?

YFI managed to rise by a powerful 32.7% today, allowing the coin to break back above the $32,000 level. The coin had dropped as low as $8,000 during November 2020. From there, it rebounded higher but was never able to break above resistance at $30,250 (bearish .618 Fib Retracement) at the start of December.

During the rest of December 2020, YFi headed lower until support was found at $19,900 (.5 Fib Retracement). At the start of 2021, YFI rebounded from this support and started to push higher. It struggled to break above $26,600 until today, which saw YFI surging much higher to break the resistance at $30,250 to reach the current $32,886 level.

YFI/USD short term prediction: Bullish

After breaking the 3-month resistance, YFI is now bullish. The coin would need to drop back beneath $25,000 to turn neutral and break further beneath $20,000 to turn bearish.

If the sellers drop lower, the first level of support lies at $30,000. This is followed by support at $27,500, $26,575, $25,000, and $22,887 (.382 Fib & 100-day EMA).

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at $34,400. This is followed by resistance at $36,300 (bearish .786 Fib), $37,758 (1.414 Fib Extension), and $39,910 (bearish .886 Fib Retracemnet).

Beyond $40,000, resistance is found at $40,651, $44,100 (ATH), and $47,500.

Synthethix (SNX) Coin Price Analysis

What has been going on?

SNX saw a small 7% price drop today, but it is still up by a total of 56% over the past week of trading. The cryptocurrency started 2021 by breaking above the $8.00 level as it started to push higher. Over the course of the week, SNX went on to break above $10 as it pushed higher to reach as much as $13.60 (1.272 Fib Extension – pink).

From there, SNX has dropped slightly but is battling to remain above support at $11.77 – provided by a .236 Fib Retracement level.

SNX/USD short term prediction: Bullish

SNX is still very bullish right now. The coin would have to drop beneath $8.00 to turn neutral and would have to fall much lower than $5.30 to turn bearish.

IF the sellers push beneath the current $11.77 support, the first level of support below lies at $11. This is followed by $10.31 (.382 Fib), $10, $9.13 (.5 Fib), and $7.95 (.618 Fib).

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at $12.80. This is followed by resistance at $13.60 (1.272 Fib Extension), $14, $15, and $15.40 (1.618 Fib Extension). Beyond $16, additional resistance lies at $16.50, $17, and $17.88.



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