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BTC $47631.67 (-1.4%)
ETH $3362.24 (-3.0%)
USDT $1.00 (0.02%)
BCH $617.22 (-2.0%)
BSV $163.02 (-5.9%)
LTC $178.07 (-1.8%)
BNB $415.43 (0.28%)
ADA $2.35 (-1.4%)
DOGE $0.23 (-1.9%)

DeFi Apps Skyrocket: RUNE and REN Take the Lead

DeFi Apps Skyrocket RUNE and REN Take the Lead
  • The DeFi apps RUNE and REN take the lead in the DeFi bullish rally.
  • Bitcoin remains competitive with its bullish price.

The DeFi Network with its DApp protocols continue to remain strong despite the market chaos brought by the global pandemic. As a result, the number of investors getting interested in the DeFi space keeps on increasing. In terms of uptrend position, DeFi protocols such as  THORChain (RUNE) and Ren Network (REN) are both sending bullish signals.

RUNE ALMA and MACD Source TradingView
RUNE ALMA and MACD Source TradingView

As seen on the graph above, the RUNE cryptocurrency positions itself above the Arnaud Legoux Moving Averages (ALMA). Currently, RUNE trades at a high price of $1.22 with a growth rate of almost +40% in the past 7 days.

If this goes on, RUNE might have the chance to break its resistance level of $1.23 and climb back to its bullish position of $1.3. This is most likely to happen if the bulls continue to stay on the side of RUNE.

Conversely, if the price of the crypto slides below ALMA, RUNE might experience a break out from its uptrend position. Its price could decline to almost $.80, a price that might trigger fear among investors.

Meanwhile, the moving average convergence/divergence (MACD) of the crypto has just performed a bullish crossover. Therefore, RUNE can still expect more bullish days ahead.

On the other hand, the DeFi app REN is also making noise in the crypto world. REN trades at a bullish price of $0.41 per token with a growth rate of +12.3% in the past 14 days.

Aside from the bullish performance by the Dapps, Bitcoin also shows no sign of stopping in rallying its
price. Today, Bitcoin trades a skyrocketing price of over $27,000, a bullish price favored by many.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.