DeFi Coin (DEFC) is probing the 21-week levels around $0.12 after a 500% bounce from $0.10 to well over $0.50 in early May. The coin has continued to perform well over the last 24 hours, despite the fact that the crypto market is still bleeding. In the last 24 hours, the coin has gained 4.76%.
DeFi Coin, a network-based protocol based on the Binance Smart Chain (BSC) network, is a rising star in the newfangled Decentralized Finance ecosystem. DeFi tokens have performed better than many traditional cryptocurrencies in the current market downturn.
The concept of an open finance market with little involvement of centralized financial intermediaries has paved the path for increased performance by allowing for faster transactions, more transparency, and lesser paperwork.
DeFi Swap is a decentralized exchange (DEX) platform that enables smooth asset trading without the use of a middleman. Since its launch, the site has attracted a lot of attention from investors, with many of them buying DeFi Coin in the hopes of making a profit.
DEFC is also being listed on other centralized exchanges via DeFi Swap. This should help DEFC grow as it gains access to a larger pool of investors.
DEFC has been decreasing in tandem with the broader decline in the cryptocurrency market. DeFi Coin has recovered from its June 1 low of $0.2957 to a bounce of $0.122536 with a 24-hour trading volume of $1,503.21.
Investor trust in the crypto market may take time to revive, but a return to $0.10+ levels suggests that DEFC may also revisit the $1 level, which served as resistance in late 2021.
DEFC has a minimal trading history over $1, therefore there would be little resistance to it forming a new range between $1 and $1.50 if it can breakthrough.
When DEFC was listed on Bitmart, the first centralized cryptocurrency exchange, it reached an all-time high of $4.
Source: crypto hot news