The decentralized finance (DeFi) sector is breaking records again after record. The amount of assets locked on protocols continues to increase as the ecosystem's total market value climbs to an all-time high.
The total amount of locked assets in the decentralized financial ecosystem has exceeded $ 30 billion. On the other hand, the total market value of DeFi protocols has exceeded $ 55 billion. This DeFi token stand out with its recent price movement.
LRC / USD
The protocol's token, LRC, which stands out with its innovations, rose from $ 0.33651 on January 22 to $ 0.57618 on January 31st. This rally increased 71 percent within a few days. The rising moving averages (MA) and the relative strength index (RSI) in the positive zone show that the market is currently controlled by the bulls.
The up move is currently facing resistance near $ 0.55. The LRC / USD pair could fall to the 20-day exponential moving average (EMA) ($ 0.44563) if it fails to break this resistance.
If the pair manages to move above the 20-day EMA level, the bulls will move to push the price above $ 0.62167. If this succeeds, the pair could climb to $ 0.71773 and then to $ 0.78.
On the other hand, if the bears win and keep the price below the 20-day exponential moving average (EMA), the bullish target above will become invalid. Such a move would indicate that the bulls are no longer buying during dips. In this case, a gradual decline to $ 0.35 followed by the 50-day simple moving average (SMA) ($ 0.32623) can be expected.
Note: This is not investment advice.
