This article will look at five cryptocurrencies in the decentralized finance (DeFi) industry.
se DeFi tokens have exciting developments planned for the month of August. se developments could also have a positive effect on your price.
Algorand (SOMETHING)
- Current Price: $ 0.84
- Market Cap: $ 2.651 billion
- Market Cap Ranking: # 38
Algorand is a decentralized network that focuses on accelerating the exchange of traditional and decentralized financial sectors. It does this by allowing the creation of different financial products and protocols.
At its launch, Algorand was the first proof-of-stake protocol. Its technology aims to provide faster transaction speeds and lower costs. first use of this technology was on the Algorand MainNet.
native token is ALGO, which has a fixed supply of 10 billion. It will be fully deployed by 2030.
Seesaw is an automated portfolio manager and one of the largest automated market makers (AMM) in the world. It will be available for Algorand in August. This will allow exchanges to freely create trading pairs with all Algorand resources.
ALGO has been trading inside a falling wedge since April 17 and is nearing the end of the pattern. wedge is a bullish pattern. In addition, the MACD generated bullish divergences.
refore, a breakout would be the most likely scenario.
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Chain link (LINK)
- Current price: $ 19.11
- Market capitalization: $ 8.039 billion
- Market Cap Grade: # 14
Link in the chain allows different blockchains to interact securely with each other. It does this through its decentralized Oracle network, which provides reliable inputs and outputs for smart contracts.
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network is run by an open source community of smart contract developers, node operators, researchers, and more. It is possible for network participants to run their own nodes on the network and / or sell your data and API to smart contract developers.
smart contract summit will take place from August 5-7. It is widely believed to be the biggest event of the year when it comes to smart contracts. In it, Chainlink Laboratories Principal Scientist Ari Juels will be the keynote speaker.
On July 22, LINK broke a descending resistance line that had been in effect since May 27. It is currently trying to break out of the $ 20 resistance area.
Technical indicators on the daily time frame are bullish.
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Kava.io (KAVA)
- Current price: $ 5.34
- Market Cap: $ 375 million
- Market Cap Rank: # 114
Kava.io is a DeFi lending platform. It allows its users to deposit cryptocurrencies for profit. On top of that, it supports cross-chain assets, one of its unique features compared to other lending platforms. Also, your users can run their own share nodes for more direct rewards.
Kava Swap Corenet will launch on August 12. Upon completion, a series of governance proposals will be created. One by one, they will activate the Mainnet functions to maximize the security of the deployment.
KAVA broke a descending resistance line and moved above the horizontal resistance area of $ 4.95. next resistance is at $ 6.70.
Similar to LINK, the technical indicators on the daily time frame are bullish.
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Aave (AAVE)
- Current Price: $ 307.48
- Market capitalization: $ 3,971 billion
- Market Cap Ranking: # 28
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Aave is a decentralized protocol that focuses on liquidity. In it, participants have the opportunity to become borrowers of depositors.
former can use various functions to borrow assets, while the latter can earn interest by becoming a liquidity provider.
native token of the protocol is AAVE. In addition to offering lower rates, it gives its owners a voice in protocol changes.
From August 5-7, Aave CEO and Founder Stani Kulechov will be one of the keynote speakers at the Smart Contract Summit.
After creating a triple bottom pattern inside the $ 1.05 horizontal support area, AAVE broke a descending resistance line. It is now approaching the $ 1.34 resistance area.
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TrueFi (TRU)
- Current Price: $ 0.141
- Market capitalization: $ 19,877 million
- Market Cap Rank: # 638
Similar to Aave, TrueFi is a decentralized protocol that focuses on creating pools of liquidity that provide favorable annual returns.
native token of the protocol is TRU. It enables its holders to provide credit ratings to liquidity providers.
Roadmap 2021 has four stages and the last one will be launched in August. Within:
- Support for arbitrary ERC20 tokens will be added.
- Loan pools may provide loan liquidity and token lines of credit.
- Other protocols may participate in raising funds from loans and lines of credit.
TRU hit an all-time low of $ 0.1134 on July 20. Although there are numerous bullish divergences, the token has yet to initiate an upward move.
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For the latest bitcoin (BTC) analysis from BeInCrypto, click here.
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All information on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information found on our website is strictly at your own risk.
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