DFX Technical and Fundamental Analysis November 4th
DFX Analysis
Fundamentals
DFX Finance is a revolutionary Ethereum-based decentralized exchange protocol optimized for fiat-backed stablecoins such as USDC, CADC, EURS, XSGD, and more, utilizing real-world FX price feeds.
The project's key features include:
Sentiment Analysis:
DFX has a presence on various social media platforms, including Discord, Twitter, Reddit, and Telegram. While the Twitter engagement is relatively low, with 9,041 followers and a presence since August 2020, the project has a sizable community on Discord with 2,602 members. The project's Reddit presence is limited, with only 65 members, and its Telegram channel has 2,028 members.
DFX Finance has received a mixed rating on the "Is This Coin a Scam" website, with a score of 34/100, considered poor for safety. However, it is waiting for information on the project team and Bitcoin Talk thread. The website also notes that DFX Finance has received ten five-star reviews, indicating a positive sentiment among some users.
Several user reviews highlight the positive aspects of DFX Finance, such as its focus on regulatory compliance, transparency, and community support. Users have praised the project for its unique approach to fiat-backed stablecoins and its potential to bring liquidity and volume to this market.
The project's team is commended for its engagement, continuous development, and dedication to creating a stable and reliable platform for users.
All-Time High (ATH):
Different platforms report the DFX all-time high at different levels.
The $50 and $10 ATH prices were likely due to low liquidity on the ICO date, and early investors would have liquidated to recoup their initial investment. Due to that fact, the $1.35 is a better ATH to have in mind when accessing the future potential of this project.
DFX Finance reached an all-time high (ATH) price of $1.35 in December 2021, 678 days ago. Currently, the price is significantly lower, with a -94% decrease from the ATH. To reach the ATH again, the price would need to increase by 1584%, which may be achievable during a bullish market.
DFX Finance is positioning itself as a project with a unique value proposition in the decentralized finance space, offering a bridge between traditional fiat currencies and fiat-backed cryptocurrencies. While there are some concerns about its safety rating, the positive sentiment and community engagement are notable strengths. The project's performance in the future may depend on its ability to attract users and expand its market presence.
Compare Marketcaps
Let’s compare other cryptos in the same category as DFX. The category is DEFI. MarketCapOf gives the following multipliers when compared against other DEFI projects.
Technicals Analysis
It has been in a downtrend for all of its existence, excluding 5 rallies.
We have broken out above the Downward Channel on all time frames.
Volume
Zooming out to Monthly and Weekly, the volume has decreased exponentially, which is a minor concern but is likely because they are still new and focused on developing the ecosystem. That puts it in the higher risk, higher return category compared to more established blockchains.
Golden Cross
The 4-hour chart had a Golden Cross on October 2nd.
The Daily Chart is heading towards a Golden Cross, generally a bullish indicator.
The Weekly and Monthly Charts do not have enough data for a Golden Cross on the 50 and 200 MA’s.
Relative Strength Index
MACD
Support Levels
Resistance Levels on the way to ATH
Fundamentals
DFX Finance is a revolutionary Ethereum-based decentralized exchange protocol optimized for fiat-backed stablecoins such as USDC, CADC, EURS, XSGD, and more, utilizing real-world FX price feeds.
The project's key features include:
- Bridge fiat to crypto for easy exchange.
- Hyper-efficient trades with minimal slippage.
- Supported by reputable investors for trust.
- Emphasis on regulatory compliance.
- Migrated to Native USDC on Polygon for reliability.
- Strong community engagement for continuous development.
Sentiment Analysis:
DFX has a presence on various social media platforms, including Discord, Twitter, Reddit, and Telegram. While the Twitter engagement is relatively low, with 9,041 followers and a presence since August 2020, the project has a sizable community on Discord with 2,602 members. The project's Reddit presence is limited, with only 65 members, and its Telegram channel has 2,028 members.
DFX Finance has received a mixed rating on the "Is This Coin a Scam" website, with a score of 34/100, considered poor for safety. However, it is waiting for information on the project team and Bitcoin Talk thread. The website also notes that DFX Finance has received ten five-star reviews, indicating a positive sentiment among some users.
Several user reviews highlight the positive aspects of DFX Finance, such as its focus on regulatory compliance, transparency, and community support. Users have praised the project for its unique approach to fiat-backed stablecoins and its potential to bring liquidity and volume to this market.
The project's team is commended for its engagement, continuous development, and dedication to creating a stable and reliable platform for users.
All-Time High (ATH):
Different platforms report the DFX all-time high at different levels.
- Sushi Swap says the ATH was $50.00.
- Coingecko says the ATH was $10.53.
- Coinpaprika says the ATH was $1.35
The $50 and $10 ATH prices were likely due to low liquidity on the ICO date, and early investors would have liquidated to recoup their initial investment. Due to that fact, the $1.35 is a better ATH to have in mind when accessing the future potential of this project.
DFX Finance reached an all-time high (ATH) price of $1.35 in December 2021, 678 days ago. Currently, the price is significantly lower, with a -94% decrease from the ATH. To reach the ATH again, the price would need to increase by 1584%, which may be achievable during a bullish market.
DFX Finance is positioning itself as a project with a unique value proposition in the decentralized finance space, offering a bridge between traditional fiat currencies and fiat-backed cryptocurrencies. While there are some concerns about its safety rating, the positive sentiment and community engagement are notable strengths. The project's performance in the future may depend on its ability to attract users and expand its market presence.
Compare Marketcaps
Let’s compare other cryptos in the same category as DFX. The category is DEFI. MarketCapOf gives the following multipliers when compared against other DEFI projects.
- If DFX had the marketcap of YFI it would do a 54x and reach $4.34
- If DFX had the marketcap of CAKE it would do a 109x and reach $8.64
- If DFX had the marketcap of AAVE it would do a 377x and reach $29.91
Technicals Analysis
It has been in a downtrend for all of its existence, excluding 5 rallies.
- The ICO pump in Feb 2021.
- October 2021
- March 2022
- Jan 2023
- Now.
We have broken out above the Downward Channel on all time frames.
Volume
Zooming out to Monthly and Weekly, the volume has decreased exponentially, which is a minor concern but is likely because they are still new and focused on developing the ecosystem. That puts it in the higher risk, higher return category compared to more established blockchains.
Golden Cross
The 4-hour chart had a Golden Cross on October 2nd.
The Daily Chart is heading towards a Golden Cross, generally a bullish indicator.
The Weekly and Monthly Charts do not have enough data for a Golden Cross on the 50 and 200 MA’s.
Relative Strength Index
- 4 Hour: Entering overbought territory (70)
- Daily: Entering overbought territory (70)
- Weekly: Entering neutral territory (50)
- Monthly: Undervalued (15)
MACD
- 4 hr: Bullish
- Daily: Bullish
- Weekly: Been bullish since Jan 2023, which surprised me that it has held the MACD cross for that long.
- Monthly: Not enough data
Support Levels
- $0.055
- $0.027
Resistance Levels on the way to ATH
- $0.12
- $0.30
- $0.50
- $0.75
- $1.00
- $1.80
- $3.20
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.