The crypto market saw some bullish movements last night led by Ethereum (ETH), which caused the SCN30 Index to increase by 42.59 points, breaking above 300 points for the first time since its inception.
With the introduction of new DeFi constituent projects, the SCN30 Index rallied to a new all-time-high (ATH) at 309.76 points. YFI, AAVE, UMA, SNX, OMG, and VET have been introduced to the list of constituents for their exceptional growth in market capitalization.
Bitcoin (BTC) briefly breached the $12K level before facing a selling pressure and dropping back down. In the 4-hourly time frame, the EMA9 provided support and caught BTC on its way down at $11,850. Staying above this moving average, BTC still has a chance to spring back and attempt to retake the $12,500 resistance level as well as creating a new yearly high for 2020.
Ethereum (ETH) is on fire as it surged 10% last night. The take-profit level is located at 161.8 Fibonacci at $538. The relative strength index (RSI) is now overstretching to overbought territory, however, ETH’s RSI often reaches its peak at 86 before correcting back down thus there are still rooms for profit to be made.
A report from Glassnode showed that ETH miners earned over $500,000 in transaction fees in a single hour from the spike in demands due to the popularity of DeFi projects built on Ethereum’s blockchain.
Last but not least, one of the most outstanding new constituents on the SCN30 Index ought to be UMA (UMA), which surged more than 20% and has exceeded yearn.finance (YFI) in terms of market capitalization, valued at $1.43 billion.
In the 4-hourly time frame, UMA’s price is being supported by the EMA9, bouncing back from this level can result in the retest of the ATH at $30. The RSI is now dipping back down but we will have to keep an eye on this if it will go down even further and create a bearish divergence.
Tron (TRX) also surged 20% creating a new yearly high at $0.036 after its creator namesake’s DeFi token, $SUN, was announced yesterday. The short term support now lies at $0.032 which was the previous local high, standing above said level will give TRX momentum to push for the next target at 161.8 Fibonacci’s level at $0.047.
Disclaimer: This analysis is the view of the author’s alone, and does not in any way represent trading advice. all traders should trade at their own risk.
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