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Cryptocurrency News Articles
Top DeFi Tokens Surge 10X: JITO (JTO), 0x Protocol (ZRX), Loopring (LRC)
Aug 24, 2024 at 08:27 pm
With an optimistic surge in Bitcoin prices, bulls anticipate a breakout run above the $65000 mark. Amidst the growing confidence in the market, the DeFi tokens prepare for a bull run as the altcoin season inches closer.
As Bitcoin price enjoys an optimistic surge, anticipation mounts among bulls for a breakout run above the $65000 mark. In parallel, a wave of optimism sweeps through the DeFi sector, preparing for a bull run as the altcoin season edges closer.
Amidst growing confidence in the market, several DeFi tokens are poised for a 10x surge in the upcoming altcoin season. Let’s take a closer look at these promising candidates.
Top DeFi Tokens Primed for 10X Surges
JITO (JTO)
A triangle breakout on the daily chart marks the conclusion of a short-term bearish phase in JITO price action. Bouncing off a newly formed support trendline, the JTO price ascends past the 50D EMA and sets its sights on the 200D EMA.
As per Fibonacci levels, the bullish trend tests the 38.20% level at $2.713. At press time, the DeFi token trades at $2.701, following an overnight surge of 10.96%, forming a bullish engulfing candle.
Moreover, the JITO price reveals a double bottom reversal with a neckline at the 38.20% level. A breakout rally above this neckline would propel the JTO price towards the 52-week high at $4.882. In the long term, Fibonacci levels place $8.78 and $22.72 on the radar for 10x potential.
0x Protocol (ZRX)
Echoing JITO’s price action, the 0x protocol token showcases a new bullish uprising, evident in a seven-day streak of bullish candles.
This upcycle in ZRX price amounts to a 17% surge and culminates in a breakout from a long-standing resistance trendline.
Furthermore, the uptrend surpasses the 50D EMA, and the bullish influence triggers a positive crossover in the VI lines. As per Fibonacci levels, the breakout rally could encounter the 23.60% level, coinciding with the 200D EMA, as the next critical resistance.
A breakout rally above this level would increase the probability of the DeFi token gearing up to reach $1.33. Optimistically, a bull run in the altcoin season could place the 1.618 level at $3.71 within reach.
Loopring (LRC)
A double bottom reversal from the $0.01182 support level sparks an uptrend in LRC price, boasting strong momentum. This bullish uprising challenges the overhead trendline of a falling channel, which formed during the recent correction phase.
Moreover, a bullish crossover in the VI lines and a 24% hike over 7 days amplify the prospects of a breakout run. As per Fibonacci levels, the uptrend in the DeFi token could reach the 50% level at $0.2525 next week.
In the altcoin season, the uptrend could culminate at the 1.618 Fibonacci level, reaching $1.37.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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