Krutika Adani
As the year progresses, market churning has made DeFi coins much more attractive than other cryptos due to a strong bullishness in their charts.
Compound sees a 60% rally towards $80 as its TVL has exceeded its market cap. The crypto also broke out of a falling wedge pattern.
The crypto has been trading in a downtrend channel but has recently broken resistance at $13.33. If it moves out of the channel, it may reach $20 soon.
EtherFi broke its downtrend at $1.09 and traded at $1.618 at press time. It is expected to reach $2.7 soon.
Markets might see an alt season in which only Bitcoin’s market cap falls below 50% dominance, paving the way for an Ethereum-led alt rally.