COMP, GRT and PERP – DeFi tokens lead with strong bulls

The graph (GRT) bounced off the USD 0.45 support area on June 22nd. Since then it has increased by 73%.

Compound (COMP) has also broken the descending resistance line but is still facing strong resistance at $ 470

Perpetual Protocol (PERP) retook the USD 5.70 zone and then broke the descending resistance line.

GRT

The GRT has fallen since hitting an all-time high of $ 2.88 on February 12. The downtrend continued through June 22nd when it hit a low of $ 0.42.

The low is combined with a bullish divergence in the signal lines of the MACD, RSI and Stochastic oscillators. These are strong signs of a bullish reversal that usually leads to a sharp uptrend. The GRT has risen 73% since the low.

After the rally, the Stochastic oscillator formed a bullish cross and the RSI moved above the 50 level. These indicators confirm that the trend is slowly turning up.

Daily GRT / USDT Chart | Source: TradingView

The shorter-term six-hour chart supports this possibility. It shows that the token broke the descending resistance line and then confirmed it as support (green symbol).

The next area of ​​resistance is at $ 0.95. A breakout above it can trigger a very strong upward movement.

GRT / USDT 6-hour chart | Source: TradingView

Highlights

• GRT has bounced back from the support area of ​​$ 0.45.
• It broke out above the descending resistance line.

COMP

The COMP has risen since June 22nd. It hit the $ 350 area on July 2nd. This is an important development as the zone has acted as a support since February before turning into resistance in June (red icon).

After the recall, it will likely play the role of support again.

Technical indicators are increasing. The RSI has moved above 50 and the stochastic oscillator has created a bullish cross.

COMP / USDT daily chart | Source: TradingView

The shorter six hour chart is showing a breakout above the descending resistance line. This comes before the $ 350 zone reclaimed.

However, COMP was rejected by the 0.382 fibonacci retracement resistance at $ 470 and is bearish.

The most likely scenario is that it hits a higher low in the $ 350 region before rising again.

After that, the next resistances will be at $ 555 and $ 640, respectively.

COMP / USDT 6-hour chart | Source: TradingView

Highlights

• The COMP has broken out of the descending resistance line.
• There is resistance at $ 470.

PERP

The PERP has risen since June 22nd when it hit a low of $ 3,618. It hit a higher low on June 27th and then began a significant upward movement.

Similar to the GRT, it broke a descending resistance line after recapturing the USD 5.70 support / resistance area. It hit a high of $ 9.20 so far on July 5th.

The next resistance is at $ 10.90.

The technical indicators are rising and support the continuation of the uptrend. The RSI has passed the 50 mark and the Stochastic Oscillator has created a bullish cross.

Daily PERP / USDT chart | Source: TradingView

Highlights

• PERP has recaptured the $ 5.70 zone.
• It broke out above the descending resistance line.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page