Decentralized Finance (DeFi) Resurgence: TRB Takes the Lead

Struggles of DeFi Index in 2024

The DeFi Index has been struggling this year. It hovers close to its January 1 price of $998. While it did climb to a yearly high of $1,478 on March 14, it’s since declined, dipping below a descending resistance trend line. 

The index hit a new yearly low of $710 on April 13 but bounced back, forming a higher low on May 1. However, it’s still trading below the descending resistance trend line, which sits at $1,000. 

Indicator Analysis

Daily RSI and MACD indicators show bullish signals, trending upwards and creating bullish divergences. But they haven’t crossed above their bullish thresholds yet, and the price still faces critical resistance. 

Component Weights and Performance

The DeFi index’s weights are rebalanced weekly. Currently, LINK and TRB hold the highest weight, each over 11%, followed by MKR at 6.5%. 

Looking at individual token performance, TRB stands out with a 187% increase since May’s start. SUSHI and AAVE follow with 23% and 12% gains, respectively. 

TRB Price Movement

 TRB saw a five-wave upward movement starting in June 2023, hitting a new all-time high price on December 31. However, it experienced a drastic crash, falling from $629 to $183 within 24 hours due to market manipulation rumors. 

Since then, TRB has been under a descending resistance trend line, hitting a low of $41.44 on April 13. After forming a higher low in May, TRB broke out from the trend line, reaching $149 on May 8, signaling the end of the correction. 

Price Prediction

 TRB’s recovery shows a double bottom combined with bullish divergences in RSI and MACD. This suggests a completed correction. A parabolic increase indicates a wave three in a new five-wave upward movement. 

While TRB might face resistance at $178, it’s likely embarked on a new upward trajectory. With its ranking at #186 based on market capitalization, there’s still room for growth.