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20 January 2021

Yearn.finance mergers and sideways Bitcoin price propel DeFi tokens higher

Yearn.finance mergers and sideways Bitcoin price propel DeFi tokens higher


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However, if the bulls do not give up much ground or buy the dip to the 20-day exponential moving average ($23,926), it will increase the possibility of a break above the overhead resistance.

If the bulls can drive the price above this level, the pair could rally to the $50,000 psychological resistance.

This bullish view will be invalidated if the pair turns down from the current levels or the overhead resistance and breaks below the 20-day EMA.

The bears may attempt to stall the rally at this level but if the SUSHI/USD pair stays above the 20-day EMA ($1.50), it will increase the possibility of a break above the resistance.

Such a move will suggest that the bears are not buying the dips anymore as they expect the price to fall further.

However, if the bulls can propel the price above $100, the CREAM/USD pair could rally to $130 and then to $160.

The rising 20-day EMA ($57) and the RSI in the overbought territory suggest that bulls are in control.

If the bulls buy the dip to this support, it will suggest that the sentiment remains positive and the bulls are accumulating at lower levels.

If the pair rebounds off the 20-day EMA with strength, the bulls will again try to push the price above the overhead resistance zone.

Conversely, if the bears sink the price below the 20-day EMA, the pair could drop to the 50-day simple moving average ($43).

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