DeFi Tokens Skyrocket: Bullish Market Sentiment on the Rise

Cryptocurrencies have witnessed a strong bullish recovery, with Bitcoin reclaiming the $63k mark. DeFi tokens have also surged, driving market growth. Five prominent DeFi tokens with positive outlooks for the imminent bull run are: LeverFi (LEVER), Mantra (OM), Theta Fuel (TFUEL), Nervos Network (CKB), and TokenFi (TOKEN). These tokens exhibit bullish technical indicators and significant investor interest, positioning them for potential gains in the coming market cycle.

Decentralized Finance (DeFi) Tokens Surge, Signaling Bullish Market Sentiment

The cryptocurrency market has witnessed a significant reversal in its trajectory, with values escalating after a period of correction. The dominant cryptocurrency, Bitcoin, has regained the $63K mark, surging from a low of around $66K.

However, DeFi tokens have been particularly notable in their recent performance, exhibiting a robust bullish trend and indicating a promising outlook. This article highlights the top five DeFi tokens that investors should consider adding to their portfolios in anticipation of a potential bull rally.

LeverFi (LEVER)

Formerly known as RAMP DEFI, LeverFi is a decentralized leverage trading platform. After experiencing a sluggish price movement in the past year, this altcoin has begun the year on a positive note, reflecting an uptick in bullish sentiment for the LEVERFI token.

Over the past seven days, LEVER has gained 16.27%, and over the past 30 days, it has surged by 21.15%, demonstrating a constructive price movement. Additionally, it boasts a Year-to-Date (YTD) return of +135.19%, suggesting a bullish outlook for the altcoin throughout 2023.

Technical indicators like the Moving Average Convergence Divergence (MACD) reveal an expanding green histogram, indicating increasing buying pressure over selling pressure in the crypto market. The exponential moving averages (EMAs) in the 1D timeframe also depict a substantial increase, suggesting that the price will continue to gain value in the near future.

If the market propels the price above its crucial resistance level at $0.00425, the bulls will regain momentum and prepare to challenge its previous high of $0.00550. However, if a bearish reversal occurs, the LEVERFI price will lose momentum and descend towards its lower support level of $0.00212.

MANTRA (OM)

The MANTRA price has exhibited a remarkable surge of over 20% in the past 24 hours, signifying a surge in buying pressure across the crypto domain. Furthermore, this altcoin has successfully secured the title of the top gainer in the DeFi category, having recorded a remarkable 1,225% increase since the beginning of the year.

The MACD indicator exhibits a significant divergence in the chart, with its EMAs exhibiting a bullish convergence in the 1D timeframe. This convergence highlights a positive outlook for this altcoin in the upcoming period.

Should the bulls regain momentum, the OM price will prepare to retest its previous high of $1.05 this month. Moreover, if the bulls maintain the price at that level, it will continue to ascend and potentially establish a new high in 2023. Conversely, a waning interest from investors could result in the price retracing to its low of $0.625.

Theta Fuel (TFUEL)

Launched on March 15, 2019, Theta Fuel (TFUEL) is a Layer-1 blockchain and decentralized infrastructure specifically designed for artificial intelligence (AI), video, and entertainment. It operates as a dual network comprised of the Theta Blockchain and the Theta Edge Network.

The TFUEL token has demonstrated a consistent appreciation in its value, gaining 25.01% within 30 days and 119.36% since the beginning of the year. This further emphasizes the strong bullish impetus driving this altcoin in the crypto market.

However, the Relative Strength Index (RSI) indicator displays a neutral trend in the chart, indicating a balance between buying and selling pressure for the altcoin in the market. Nevertheless, the 50-day Cross EMA lends support to the price chart, reflecting a mixed sentiment within the crypto industry.

If the bulls overcome the bearish forces, the TFUEL price will embark on a trajectory towards its higher resistance level at $0.131. Sustaining the price at that level will pave the way for it to challenge its previous high of $0.175 in the coming months. Conversely, a bearish price movement could drag the price down towards its low of $0.070.

Nervos Network (CKB)

After exhibiting a neutral trend for the first month of the year, the CKB price garnered significant attention from the market, leading to a peak of $0.0379, a remarkable 1,163% surge over the ensuing two months. However, the bulls lost momentum, and the price has since moved in a bearish direction.

The MACD indicator reveals a steady decline in the histogram, indicating increasing bullish sentiment in the crypto market. However, the 50-day EMA serves as a barrier to the price chart, suggesting uncertainty in future price movement.

If the market pushes the price above the resistance level of $0.020, the bulls will regain momentum and attempt to reach its previous high of $0.325. Conversely, a bearish price sentiment could result in the price testing its low of $0.01 in the near term.

TokenFi (TOKEN)

With the goal of simplifying the crypto and asset tokenization process, TokenFi made its official mainnet debut on March 28. This altcoin has experienced significant fluctuations in its valuation since the beginning of the year, reflecting a steady increase in investor interest in the project.

The TOKEN price commenced the year at $0.0325 and reached a high of $0.246 in March, a 656.92% increase in value, after which the bulls lost momentum. Nonetheless, the token has since regained strength, indicating a positive outlook for the coming months.

The MACD technical indicator shows a gradual decline in the red histogram, implying a rise in buying pressure across the crypto market. Furthermore, the EMAs present a high likelihood of a bullish convergence, suggesting a positive outlook for this altcoin in the future.

If the market propels the TokenFi price beyond the resistance level of $0.129, the bulls will regain momentum and prepare to test its previous high of $0.202 in the upcoming weeks. However, a bearish pullback could result in the altcoin falling towards its critical support level of $0.055.

Conclusion

DeFi tokens have witnessed a significant surge in buying and selling pressure across the crypto ecosystem, signaling a resurgence of investor interest in this sector.

Furthermore, with the anticipation of an impending bull cycle, the DeFi sector is poised to reach new all-time highs (ATHs) as it plays a vital role within the crypto market.

Disclaimer

This article is solely for informational purposes and does not constitute financial advice. The tokens presented have been selected based on their historical market performance and not for promotional purposes. It is imperative to conduct thorough research before investing in any digital asset.