After a few annoying days for the crypto money market, many altcoins took their place in the green area with the Bitcoin (BTC) price taking action. When we look at the CoinMarketCap data, we can see that almost all cryptocurrencies in the top 100 have increased.
We have started to see serious increases especially in DeFi tokens, which have experienced a decline that we can almost call “collapse” for a few years. Decentralized finance (DeFi) tokens, including Chainlink (LINK), Yearn.finance (YFI), and Aave (LEND), have recovered strongly after the prolonged decline. YFI has dropped by about 64% in the last 11 days. Similarly, DeFi giants like Chainlink experienced their lowest monthly levels since mid-September.
Can Bulls Be Held at $ 11K?
Bitcoin price surged above $ 11k and the bulls are now trying to reverse the key level as resistance returns to support. The move followed the break of a triangle pattern and the reappearance of a sudden weakness in the dollar’s short-lived recovery. But the question is, how far will this rally go?
The leading cryptocurrency by market cap spent three days in the green field. Yesterday, Bitcoin broke up from the triangle pattern formed in daily time frames. The triangle was believed to be a bearish flag. However, after $ 10,000 was bravely defended by the bulls for seven consecutive days, there may be the last time Bitcoin traded under five digits.
Using the measure rule, it is possible to say that the potential target of the triangle is somewhere from $ 11,000 to $ 12,000. Given the height of the model, a roughly 10% move can be expected and push the cryptocurrency to around $ 11,850 before challenging the next highest resistance level, analyst said.