DeFi Tokens Surge Over 50% Following Coinbase Listing – TRU, HEGIC & REQ Analysis
2 min readTrueFi (TRU) has broken out from a descending resistance line and reached a new all-time high price on Aug. 12. It is possible that the increase was a result of the reported Coinbase listing.
Hegic (HEGIC) has broken out from a descending resistance line and is attempting to move above the $0.28 resistance level.
Request (REQ) broke out from the $0.175 area and reached a new yearly high of $0.33 on Aug. 12.
TRU
TRU had been decreasing alongside a descending resistance line since Feb. 13. On Aug. 5, it managed to break out amidst a massive bullish candlestick and proceeded to reach a then all-time high price of $1.
After a subsequent drop, TRU initiated another upward movement and proceeded to reach a new all-time high price of $1.04.
The current high has been made at a crucial resistance area created by the 1.61 external Fib retracement level. A decisive movement above it could lead to a sharp increase towards $1.47.
Technical indicators in the daily time-frame are bullish, supporting the continuation of the upward movement.
Similarly, technical indicators in the shorter-term two-hour chart do not show any weakness. Furthermore, TRU has been making successive higher closes, a sign that a breakout could transpire.
Highlights
- TRU has broken out from a descending resistance line.
- It is close to reaching a new all-time high price.
HEGIC
HEGIC had been following a descending resistance line since March 15. After five unsuccessful attempts, it finally managed to break out on Aug. 9.
So far, it has reached a high of $0.28, doing so on Aug. 12.
However, it failed to reclaim the 0.382 Fib retracement resistance level, creating a long upper wick instead (red icon).
Despite the rejection, technical indicators are still bullish, suggesting that an eventual breakout is likely.
If one occurs, the next resistance would be at $0.42.
A look at the shorter-term six-hour chart shows that due to the sharp nature of the upward movement, there is no discernible support area above $0.15.
Highlights
- HEGIC has broken out from a descending resistance line.
- It is facing resistance at $0.28.
REQ
REQ has been moving upwards rapidly since Aug. 10. In a span of two and a half days, it increased by 380%, reaching a new yearly high of $0.33 on Aug. 14.
However, it created a long upper wick and is now trading near $0.24. If a decrease occurs, the $0.175 horizontal area is now expected to act as support.
However, technical indicators in the daily time-frame do not yet show any signs of weakness, despite overbought conditions.
Despite the considerable increase, the weekly chart shows that REQ has yet to even reach the 0.382 Fib retracement resistance level at $0.48. Therefore, the trend cannot be considered bullish.
Highlights
- REQ broke out from the $0.175 horizontal resistance area.
- It reached a new yearly high on Aug. 12.
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