Albeit the cryptocurrency market has seen a sharp rebound, it is still diffused well below the $2.50 trillion market cap. Market representatives Bitcoin and Ethereum despite quick gains on Tuesday, locked up at key support zone. On the other hand, Defi protocols have been raising their bars to gain sovereignty over crypto space. Especially, Terra, Tezos, Chainlink, Avalanche, and Loopring await an exponential surge in the next couple of weeks.
Terra (LUNA) :
Terra (LUNA) price has responded heavily to the market crash by smacking down the bearish dominance immediately on the same day. Its price has been trading overhead of 50 day MA at $66.57 indicating positive momentum ahead. In contrast, the short-term scenario looks quite tricky, as 20 day MA restricts the price action to $68.12. In case of a resurgence in the sell orders, the LUNA price would breach its previous ATH to reach $80. On the flip side, as RSI hints at a potential bearish rule, the price would plummet to the support of $62.21.
Tezos (XTZ) :
Tezos price has seen a massive drop owing to the market crash. Though it has managed to climb above the support, it is still below 200 days MA. The price could surpass $6.5 in case of a bullish scenario. Bearish dominance would plummet the price to $4.14.
Chainlink (LINK):
The link price has lost more than 30% of its value plummeting from $33 to $21. However, the asset needs to clear the $26 resistance in order to reclaim the previous high of $35. On the other hand, the price is trading well below 200 day MA, which would become a cause of worry amongst traders.
Avalanche (AVAX):
In the recent market crash, Avalanche price has undergone a steep fall plummeting below 50 days MA. However, if the present price rally continues its downfall, the AVAX price would settle down to the support of around $65. In the case of a bullish scenario, the asset would soar beyond $100.
Loopring (LRC) :
After an incredible surge followed by the speculation of its partnership with Gamestop, LRC price appears to be exhausted. The present downfall has dropped the price to intersect with 50 day MA. If bulls drag the momentum, then the altcoin would surge beyond $3. On the contrary, it would settle at $1.89 in case bears pull the price back.
Collectively, the aforementioned altcoins hold the substantial potential to rise to new highs. As Defi protocols strive hard to partner with new tech firms, it would drastically uplift the total market cap of Defi coins.
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