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DForce Breakout Analysis – Parabolic Breakout on DF with +76% Gains in a Single Day
DForce DF is flipping on a 1-hour candle chart, DF just went up over +76% in a single day. Let’s take a quick look at DF, price analysis, and possible reasons for the recent breakout.
What is DForce?
DF is the platform utility token of the DForce network, an integrated and interoperable DeFi platform. It will be used for transaction services, community governance, system stabilizer, incentivization, and validator deposits.
DForce Quick Stats
| SYMBOL: | DF |
| Global rank: | 414 |
| Market cap: | $19,107,370 AUD |
| Current price: | $0.2100 AUD |
| All time high price: | $1.56 AUD |
| 1 day: | +76.41% |
| 7 day: | +107.70% |
| 1 year: | +148.74% |
DForce Price Analysis
At the time of writing, DF is ranked 414th cryptocurrency globally and the current price is $0.2100 AUD. This is a +107.70% increase since 5th December 2020 (7 days ago) as shown in the chart below.
If we see the above 1-hour candle chart, DF did a strong breakout from the falling wedge pattern & is now heading towards its major resistance of the month. After BTC crashed the Altcoins market today with a -3% drop in its price, DF looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the technical indicators say?
The DForce TradingView indicators (on the 1 day) mainly indicate DF as a buy, except the Oscillators which indicate DF as a neutral.
So Why did DForce Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying Dforce for the next Altcoins rally & it could also be contributed to some of the recent events & announcement where Binance Lists DForce DF.
Recent DForce News & Events:
- 04 July 2020 – C-S Blockchain Summit
- 04 December 2020 – Ecosystem Update
- 11 December 2020 – Binance Innovation Zone
Where to Buy or Trade DForce?
DForce has the highest liquidity on Binance Exchange so that would help for trading DF/BUSD or DF/ETH pairs. However, you can also buy DForce from different exchanges listed on Coinmarketcap.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
