LEND Offering Excellent Entry OpportunitiesAAVE (LEND) is among the most capitalized DeFi tokens. After a remarkable 5,000% run, the coin seems to be in a correction phase, which provides an excellent entry opportunity for investors looking to increase their DeFi holdings.
Recap: AAVE is an open-source and non-custodial protocol that allows clients to borrow and lend a wide range of cryptocurrencies with variable and stable interest rates. AAVE has a unique system that allows for rate switching, enabling clients to switch between "stable" and "variable" interest rates. The platform's native token "LEND" provides discounted fees for holders. The platform uses 80% of the fees earned from borrowing to burn LEND tokens. This process leads to an increase in demand and a decrease in supply.
LEND on the Chart
The token reached its all-time high on August 26th, 2020, when it peaked at $0.9. However, the coin has lost 30% of its value over the past week.
LEND is particularly volatile and has had several corrections this year, ranging from -30% to -70% in March this year. We have identified three main support levels where the coin may bounce:
Support 1 $0.5: This level was the resistance when AAVE hit its previous all-time high in January 2018. It has been briefly tested as a support level in August 2020. It now stands at -44% from the current all-time high. The token has just touched upon this support level, whether it will hold or not remains to be seen.
Support 2 $0.38: This level was an important resistance throughout July, which caused LEND to crash more than 40% after reaching it. It stands at -57% from the all-time high.
Support 3 0.2$: This support level helped the token bounce after its previous correction, and it currently stands at -78% from the all-time high.
Although we can never tell for sure in the Crypto market, at least one of these support levels will likely hold and make the token bounce. The token previously crashed and lost 99% of its value when it dropped from $0.5 to just $0.003 in 2018. However, the probability of a devastating correction is significantly lower now due to the improved fundamentals and DeFi momentum.
Decentralizedfinance
XRP Daily Elliot Wave
Always retraces after a big move, would love to see $0.22 - $0.17 one more time before 'The Great Reset'.
I dont see price going any higher than $0.35 - $0.36 in this current wave (wave 3). The 4th wave would align for a great last chance to buy before we moon.
We have broke a daily trendline around the $0.22 resistance which has yet to be retested, the fact that the TL was broke and smashed through resistance give it validity in my opinion.
Also a trendline retest would align perfectly around the 0.786 & 0.90 retracement levels on the fibonacci from waves 2 - 3.
I would also expect a market crash across the board for all markets when billary clinton goes to court on 9th Sep for those 600,000+ emails.
Lets hope she gets locked up and we can get stocked up on XRP 🙏
SXP/BTC: Swipe Bullish Reversal Analysis 4H (Aug. 01)X Force Global Analysis:
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In this analysis, we explore Swipe, a De-Fi (Decentralized Finance) coin with huge potential upside.
Analysis
- To begin with, SXP has formed a falling wedge during a corrective trend, indicating a signal of bullish reversal
- In doing so, it has formed a bullish divergence in which prices formed lower lows, and the Relative Strength Index (RSI) formed higher lows
- Along with it, the Moving Average Convergence Divergence (MACD) also formed a golden cross, signaling a bullish reversal
- However, the RSI is about to test its upper descending trend line resistance
- Prices are currently testing the 0.382 Fibonacci retracement resistance, and SXP is having a hard time breaking and closing above
- Moreover, prices are located under the Ichimoku Cloud resistance as well, which currently aligns with the 0.5 Fibonacci resistance
- While the 20 Simple Moving Average (SMA) shows a potential reversal, looking to potentially form a golden cross with the 100 SMA, it is still trading below the longer moving averages
What We Believe
In summary, while SXP has a decently bullish technical setup, and can benefit from the fact that it's a De-Fi altcoin, we expect strong resistance between the 0.382 and 0.5 Fibonacci resistance zones.
Let us know what you think in the comment section below
Trade Safe.
[DEFX] DeFi Breaking Bearish - Time for a retraceDecentralized Finance, the hot new projects making 5-10x in a matter of weeks. Will these 1000% gains be held over summer? It's only a matter of time before DeFI comes back to Earth, regardless of whether it will continue to be adopted by the crypto community.
Exepct this DeFi Index to drop hard if Bitcoin breaks below key support levels. This will be top of the list of high risk markets to be dumped if the overall crypto market is to take a fall. Market value is now below the MA Ribbon and cloud on the Daily, RSI is close to bearish, and it's a long way back down to the 100 & 200 MAs, as well as the lower levels of fib retracement 0.236 - 0381.
With parabolic moves come sharp corrections. It could take a while, but this market needs to cool down already.
That said, if Bitcoin continues to consolidate for more weeks/months, expect higher levels of speculation.
