• DeFi Index may face resistance at 0.618 Fibo level
  • YFIUSD unfolds A-B-C recovery
  • Wave (C) can push down YFIUSD to 7k Support Area 

DeFi Index dropped exactly from projected target area for wave 5, so we are now tracking bigger and deeper A-B-C correction after recent five-wave fall from the highs.

Currently we are tracking a three-wave correction within wave B where ideal resistance would be at the previous wave 4 swing high and 61,8% Fibonacci level. retracement. So, we may see a short-term recovery before DeFi tokens drop again.

DeFi Index 4h Elliott Wave Analysis Chart

elliott wave

As we have been warning about a potential leading diagonal on YFIUSD, we can now see a massive decline which belongs to the first leg (A), so once current three-wave A-B-C recovery within wave (B) fully unfolds, then watch out for another wave (C) sell-off that can push the price even back to 7k support area.
YFIUSD 4h Elliott Wave Analysis Chart

yfi


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