dForce (DF) could be set for a massive jump, according to a revelation disclosed today by market analyst PumpDumbAlert.
The DF coin is the cryptocurrency of dForce, a DeFi protocol that provides users with a wide variety of financial services, including borrowing and lending, trading, stablecoins, and yield products. Driven by its decentralized liquidity network, dForce aims to build an open, reliable, and transparent DeFi ecosystem where anybody can access and engage with financial services.
Today, the digital asset experienced a more than 14% jump, a move that enabled it to reclaim a crucial resistance level. With the push, the analyst believes that bulls are entering the DeFi platform.
dForce Breaking Technical Pattern
Today, while most assets in the larger cryptocurrency market are down, dForce has remained up. To give a picture of the wider virtual currency market today, Bitcoin and Ethereum currently trade their prices at $69,652 and $2,043, down 1.25% and 3.40% over the past 24 hours, respectively, showing the ongoing crypto market difficulty. However, dForce today experienced an impressive 14.07% rise from its late January and early February lows, reaching a high of $0.003492 today. According to market monitoring by the analyst, this surge was fueled by a bullish divergence seen on the 4-hour timeframe, as indicated in the charts above.
Despite its ongoing downtrend, the price of dForce remains above a trendline (support level) that it has been maintaining over the past two months. Despite increasing its price to the $0.003492 level noted today, dForce has been down 63.0% and 71.1% over the past week and month, respectively, showing a downward momentum. However, after witnessing a weekly low of $0.00225, the altcoin has reacted strongly, suggesting that buyers have returned in action with strength in the support zone.
The analyst identified that the range between $0.0029 and $0.0035 as a strategic zone for accumulation. The confluence between reclaiming the trendline and the formation of an inverse head-and-shoulders pattern reinforces buying pressure at the zone. DF currently trades at $0.00354; it has already reclaimed its move above this zone, a rise that comes after several weeks of sideways consolidation driven by a sharp correction.
Besides that, the analyst identified a major technical structure, recognized as a classic inverse head-and-shoulder pattern, forming on the DF weekly chart. The setup signals a bullish reversal move, expecting the cryptocurrency to continue pushing upwards, possibly towards the $0.01062 target, a 200% rise from the current price.
Why DF Surge Is On Horizon
Furthermore, today, dForce experienced an 81.12% increase in its trading volume, another indicator pointing out bullish developments surrounding the DeFi project. This shows strong user enthusiasm in the DeFi protocol. This surge in trading volume is a testimony to dForce’s robust fundamentals and rising adoption in DeFi, indicating it is a hidden gem awaiting to explode.
