Bitcoin (BTC) and other major altcoins are either stuck in a range or are witnessing a correction. Nevertheless, that is not the example with the entire crypto space because a few tokens have been outperforming major cryptocurrencies by a considerable margin.

In a earth where yields have plunged to negligible levels, the DeFi ecosystem has attracted investors' attention. Data from Dune Analytics shows that the number of unique Ethereum addresses participating in various DeFi protocols has surged from virtually 91,000 to over i million in a year.

A few analysts have warned that while these numbers look encouraging, the actual number of unique users may be much smaller, as many DeFi users could be using multiple addresses. Despite this possibility, there is no denying the fact that the growth in DeFi has been phenomenal.

Compound, the 4th-largest DeFi platform by total dollar value locked, has made a potent comeback since Nov. 26 when $89 one thousand thousand worth of collateral was liquidated when the cost of Dai surged to $1.3 on Coinbase and Uniswap. These price feeds are used by Compound.

Although Compound's protocol worked the fashion it should, its reliance on just a few information points for oracles came nether criticism. Every bit this was a one-off upshot, the price has surged dorsum on hopes that a solution to avoid such liquidations in the future has been reached.

Crypto market data daily view. Source: Coin360

Another token that has made a stiff dash to the upside is Waves. The team behind the Waves protocol recently appear a partnership with OKExChain, a public blockchain adult past digital-nugget exchange OKEx, to build decentralized applications and programmer-friendly tools.

Waves' Gravity protocol will enable OKExChain to connect and transfer avails across multiple blockchains. Assets in the Waves ecosystem can be used on decentralized exchanges congenital using OKExChain. Developers and traders from both ecosystems tin agree, exchange and apply tokens issued on both the Waves protocol and OKExChain.

The gaming industry and crypto tokens related to it accept also zoomed college in 2020 every bit people have been forced to stay at domicile due to the coronavirus pandemic. Growth within this sector also catalyzed a strong movement amongst the nonfungible tokens, or NFTs, used in many blockchain-based games.

One of the almost popular blockchain-based and NFT games of 2020 is Axie Infinity. In the game, players are tasked with edifice a digital landscape and battling their pets confronting other players, similar to Pokemon and Tamagotchi. The increasing downloads and over iv,500 active participants take also increased the demand for its Axie Infinity Shards (AXS) token.

While the fundamentals of each visitor take been positive, do the technicals project farther upside?

Let's analyze the charts of these three tokens to find out.

COMP/USD

COMP has rallied from an intraday low at $100.32 on Dec. 1 to an intraday loftier at $179.48 at press fourth dimension, a 78% rally in a week. The 20-day exponential moving average ($127) has turned upwardly, and the relative strength alphabetize (RSI) has entered the overbought zone, which suggests that bulls are in control.

COMP/USDT daily nautical chart. Source: TradingView

Typically, overbought readings on the RSI is considered bullish, particularly when coming out of a bottoming formation because it shows aggressive buying by traders.

The COMP/USD pair could face resistance in the zone between $187 and $200. Even so, if the price does not give upwardly much basis, it volition propose that traders are non booking profits on their positions in a hurry, as they expect college levels in the future.

If the bulls can propel the price higher up $200, the pair could ascension to $260 where the bears are probable to mount a stiff resistance. This bullish view will be invalidated if the price turns downwardly and plummets beneath $140.

WAVES/USD

WAVES has risen from an intraday depression at $6.20 on December. 1 to an intraday high at $9.32 on December. vii. This is a rally of about 50% in the past vii days, and the altcoin has been in a potent uptrend since bottoming out on October. 7.

WAVES/USDT daily nautical chart. Source: TradingView

The WAVES/USD pair is currently facing resistance most the psychological level of $ten. The first support on the downside is the 38.2% Fibonacci retracement level at $7.8833, and the adjacent is the twenty-day EMA at $seven.

If the cost rebounds off either level, it will suggest that traders are accumulating on dips. The bulls volition and then try to button the price to a higher place the overhead resistance. If they succeed, the next leg of the uptrend could begin with the first target at $13.40 and and so $15.

All the same, the negative deviation on the RSI suggests that the momentum is weakening. If the price dips beneath the 20-day EMA, it will suggest that the bulls are no longer ownership on dips, indicating a shift in the sentiment. This could issue in a fall to the next critical back up at $5.559.

AXS/USD

Axie Infinity's AXS has rallied from an intraday low at $0.40 on Dec. 1 to an intraday high at $0.63889 at press time today. The 59% rally in the past calendar week shows that the trend favors the bulls.

AXS/USDT daily chart. Source: TradingView

The bears are likely to defend the overhead resistance at $0.686, but if the bulls can go on the price to a higher place the $0.55 support, it volition bespeak force. Such a move volition increment the possibility of a interruption above the overhead resistance.

The first target on the upside is $0.ninety, then the AXS/USD pair could rally to the psychological figure at $ane.

Contrary to this assumption, if the bears sink the price beneath $0.55, a drib to the xx-twenty-four hour period EMA ($0.46) is possible. A pause beneath this level will suggest that the bulls have lost their grip. The tendency will favor the bears if the toll slips below $0.31.

The views and opinions expressed here are solely those of the author and practice non necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should acquit your own research when making a decision.