On Friday, Moonwell Token jumped and crossed a key resistance level while its growth in the decentralized financing platform continued.
Moonwell (well) has climbed $ 0.03,900, the highest point since February 1 and more than 157% compared to its lowest point in March. He jumped on Friday even though the crypto market Following.
Moonwell Token jumped while the growth of its ecosystem continued. The DEFI LLAMA data shows that the total locked value jumped at a record summit of $ 251.5 million, a significant increase compared to the lowest of $ 101 million in April. Most of these assets are on the basis, the blockchain in layer 2 that Coinbase launched in 2023.
Moonwell also notes more activity of developers than most players in the decentralized financial industry. He had 156 commits this month, the highest level since March, because the number of developers has increased to six.
Well, Token also joined while the community voted to extend its technology to Superchain optimism, a solution that will unify contracts between channels, share governance and offer a single application interface.
Moonwell is one of the fastest growth players in defi. It is a rival for Aave (Aave) and other loan protocols, allowing users to deposit their documents and win rewards and borrowers to access the capital. For example, a USDC deposit attracts a supply of 6.8% and a borrowed of 5.8%.
Technical analysis of the good price
The daily graphic shows that the Moonwell token has the bottom at $ 0.01510 in April, then gradually rebounded when the cryptography market was recovered. It has exceeded the 50 -day mobile average and is now at the level of a retrace of 23.6% fibonacci at $ 0.038.
It also exceeded the level of crucial resistance at $ 0.037, the highest point previous this month.
However, the average directional index pointed out, a sign that the rally may not be very strong. In addition, the piece slowly forms a mounted corner pattern, a popular low -cutting pattern.
Therefore, there is a risk that the rally in the opposite class, which can drop it below $ 0.030. A movement above the upper side of the corner pattern would confirm the upward trend and point more earnings, perhaps in the Fibonacci retracement at 50% to $ 0.065.
