Defi coins recover before another drop again

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

Gregor Horvat Wavetraders

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

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

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.