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The recent bloodbath in the crypto market took a significant toll on the majority of cryptocurrencies. Even the top coins in the ladder have lost half their value, indicating a declining trend in the price chart. However, this panic selling has brought special discounts to a few coins that can provide massive returns in their potential rally.
CRV Price Hints Recovery Signs At 0.786 Fibonacci Level
Source-Tradingview
On January 4th, the CRV token rally made a new higher high at $6.7. Later the price action entered a correction phase which discounted the price by 40% in just one week. The bulls attempted a relief rally from the $4 support but couldn’t surpass the $5.5 mark as the sudden sell-off in the crypto market triggered a free fall in CRV price.
This recent fall tumbled the coin by 65% from the previous swing high of $6.7 and plunged it to 0.786 Fibonacci retracement level. The coin chart shows several lower price rejection candles at this support, indicating the pressure high demand support.
The daily-RSI(32) slope barely touched the oversold neckline(30) and has started to rise again.
If the CRV price could sustain the $2.6 support, the crypto traders can mark a stop loss at $2.28 (-20%) with the expected target of $6.7(+125%), indicating a 7.7 risk to reward.
Descending Trendline Breakout Holds Key To Bullish Rally
Source- Tradingview
The RUNE price has been under a short-term downtrend since November 2021. The technical chart shows the price has faced multiple resistance from a descending trendline, which has plummeted the price to $3.4 yearly support level, indicating an 80% loss from the previous swing high of $17.3.
A daily-hammer candle formation indicates the buyer’s interest in this discounted price. However, a breakout from this falling trendline will provide better confirmation for a new rally.
Furthermore, the daily-Stochastic RSI indicator provides a bullish crossover between the K and D lines at the oversold region, supporting a bullish reversal.
The crypto traders entering a long position can place their stop loss at $2.79(-29%), for a possible gain to the $17.3 mark(+335), indicating a 10.8 risk to reward.
Falling Channel Bring Bullish Opportunity In LRC Coin
Source- Tradingview
The LRC correction phase began in November 2021 dropped to the $1.63 mark. However, the selling renewed as the crypto market expired a sudden sell-off and plunged to the $0.75 flipped support, indicating an 80% devaluation.
Moreover, the coin price is currently at combined support of $0.75 and the support trendline of a falling channel pattern. The LRC price rebounded from these support levels, with an inside day candle that could eventually break out from this chart pattern.
The daily-RSI(32) slope recovered from the oversold territory indicates increasing strength in-market buyers.
The long position traders can maintain their stop loss at $0.63(-30%), with growth potential to the $3.77 mark(+317), indicating a 10.1 risk to reward.
The post Cryptocurrency Price Analysis: Top 3 DeFi Coins With Best Risk/Reward; When Is the Right Time to Buy? appeared first on CoinGape.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.