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On August 24, DeFi tokens such as Terra (LUNA), broke out from a declining resistance line and managed to reach an ATH along with Swipe (SXP) surpassing the $4.13 resistance level. Kava.io (KAVA) reached a new ATH on August 22 after following a descending resistance line since April 6.
DeFi Tokens LUNA and KAVA Surges to New Highs
Since creating a low back on July 20, LUNA has been constantly moving in the upward direction and it has managed to break out from a declining resistance line on August 2.
LUNA touched an all-time high of $33.5 on August 19, which was made right at the 1.61 external Fib retracement level and ultimately generated a shooting star candlestick.
Well, when it just seemed that the token can not go further up, it surged to the level of $34.66 on August 24.
In addition to this, it should be noted that the technical indicators for the token are not showing any weakness as of yet, regardless of the fact that RSI indicators are showing that the token is in the overbought zone.
KAVA, on the other hand, managed to break out from this line and proceeded to increase at an accelerated pace on July 24. Back on August 22, the token managed to touch an ATH of $8.90, however, KAVA failed to continue its upward movement and has yet to even touch the 1.27 external Fib retracement level at $9.83.
Swipe (SXP) Breaks Out from a Descending Resistance Line
Swipe (SXP) has been moving in the upward direction at an accelerated rate since July 29, when it managed to break out from a declining resistance line.
Well, it should be noted that there is some weakness that is present in the form of bearish divergence in both and MACD and RSI.
Therefore, it does make sense that for SXP to retrace before eventually making another breakout attempt.