Uncategorized

DeFi Tokens Pump – LUNA & KAVA Reach New All-Time Highs

Terra (LUNA) broke out from a descending resistance line and reached a new all-time high on Aug. 24.

Swipe (SXP) is making an attempt at breaking out above the $4.13 resistance area.

Kava.io (KAVA) reached a new all-time high on Aug. 22.

LUNA

LUNA has been moving upwards at an accelerated pace since creating a higher low on July 20. It broke out from a descending resistance line on Aug. 2 and further accelerated its rate of increase. 

On Aug. 19, it reached a then all-time high price of $33.5. The high was made right at the 1.61 external Fib retracement level and eventually created a shooting star candlestick. 

While this seemed like the top at the time, the token increased once more and proceeded to reach a new all-time high of $34.66 on Aug. 24.

Technical indicators do not yet shows any weakness, despite the overbought RSI. A successful close above the external 1.61 Fib level could lead to an increase all the way to the next resistance area at $52.5. This is the 2.61 external Fib retracement level.

Chart By TradingView

Highlights

  • LUNA has broken out from a descending resistance line.
  • It reached a new all-time high on Aug. 24.

SXP

SXP has been moving upwards at an accelerated rate since July 29, when it broke out from a descending resistance line.

At the time of writing, it was trading right at the 0.618 Fib retracement resistance level at $4.13.

There is some weakness present in the form of bearish divergence in both the RSI and MACD. Furthermore, the ongoing rally has become parabolic. 

Therefore, it would make sense for SXP to retrace before eventually making another breakout attempt.

Chart By TradingView

Highlights

  • SXP has broken out from a descending resistance line.
  • It is facing resistance at $4.13.

KAVA

KAVA had been following a descending resistance line since April 6. On July 24, it broke out from this line and proceeded to increase at an accelerated pace. 

On Aug. 22, a new all-time high of $8.90 was reached. 

However, KAVA failed to sustain its upward movement and has yet to even reach the 1.27 external Fib retracement resistance level at $9.83. 

Similarly to LUNA, technical indicators are still bullish. However, due to the rejection, it is possible that the token will re-test the previous resistance level at $7.20 before eventually moving upwards.

Chart By TradingView

Highlights

  • KAVA has broken out from a descending resistance line.
  • It reached a new all-time high on Aug. 22.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Read More

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *