Moonwell -Token jumped and stabbed an important resistance level on Friday as the decentralized growth of the financial platform continued.
Moonwell (PUT) rose to $ 0.03900, the highest point since 1 February and with 157% at the lowest point in March. It jumped on Friday, even as the crypto market crash continued.
Moonwell -token rose as the growth of the ecosystem continued. Defi Lama -Data Show that the total value is closed to a record high of $ 251.5 million, a significant increase compared to the low of $ 101 million. Most of these assets are on the base, the Layer-2 blockchain that Coinbase was launched in 2023.
Moonwell also sees more developer activities than most players in the decentralized financial industry. It had 156 commits this month, the highest level since March, because the number of developers rose to six.
Well, it is also a realized when the community voted to extend its technology to the Superchain of Optimism, a solution that will unite contracts in chains, offer governance shares and a single app interface.
Moonwell is one of the fastest growing players in Defi. It is a rival of Aave (Aave) and other loan protocols, so that users can deposit their coins and earn rewards, and borrowers to gain access to capital. A USDC payment, for example, attracts a delivery apy of 6.8% and a loanor of 5.8%.
Well price technical analysis
The daily graph shows that the Moonwell -token in April $ 0.01510 Bonterde and then gradually bounced back when the cryptomarkt recovered. It has moved above the 50-day advancing average and is now at the 23.6% Fibonacci retracement level at $ 0.038.
It also went above the crucial resistance level at $ 0.037, the previous highest point this month.
However, the average directional index has been shown down, a sign that the rally may not be very strong. The coin also slowly forms an increasing wedge pattern, a popular bearish reversing pattern.
That is why there is a risk that the current rally will reverse, which means that it can fall below $ 0.030. A movement above the top of the wig pattern would confirm the bullish trend and point to more profit, possibly to the 50% Fibonacci racement level at $ 0.065.
