Despite the sharp rally in the cryptocurrency market, it remains well below its $2.50 trillion market cap. Despite Tuesday’s rapid gains, the market represented Bitcoin and Ethereum locked in a key support area. On the other hand, Defi protocols have been raising the bar to gain sovereignty over the crypto space. In particular, Terra, Tezos, Chainlink, Avalanche, and Loopring await exponential growth in the coming weeks.
Terra (LUNA) price reacted strongly to the market crash by hitting bearish dominance immediately on the same day. Its price has been trading above the 50-day SMA at $66.57, indicating good momentum ahead. In contrast, the short-term picture looks rather tricky, as the 20-day EMA caps price action at $68.12. If sell orders reappear, LUNA price will break above the previous ATH to $80. On the other hand, the price will plummet to the $62.21 support as the RSI hints at a potential bearish rule.
Tezos price fell sharply as the market crashed. While it has managed to climb support, it is still below the 200-day SMA. If bullish, the price could surpass $6.5. A bearish dominance would see the price plummet to $4.14.
The link price has lost more than 30% of its value, from $33 to $21. However, the asset would need to clear resistance at $26 to reclaim the previous high of $35. On the other hand, the price is well below the 200-day SMA, which will be cause for concern for traders.
During the recent market crash, Avalanche prices experienced a sharp decline below the 50-day SMA. However, if the current price rally continues to decline, AVAX price will stabilize at the support around $65. In a bullish scenario, the asset would surge above $100.
The price of LRC appears to have run out after an incredible spike following speculation of a partnership with Gamestop. The current decline has the price intersecting the 50-day SMA. If the bulls drag the momentum, the altcoin will surge above $3. Conversely, if the bears pull back the price, it will settle at $1.89.
Overall, the aforementioned altcoins have great potential to rise to new highs. This will greatly increase the total market capitalization of Defi tokens as the Defi Protocol strives to partner with new tech companies.