- Decentralized Finance tokens have done well in the past few days.
- Compound, Aave, Curve have seen more whale activity.
- Most of them are sitting at important resistance levels.
Decentralized Finance (DeFi) tokens have done well this week as the industry stages a comeback. As I wrote here, Compound price has more than doubled from its lowest level in June. It is not alone. Synthetix’s (SNX) price has jumped by over 12% in the past 24 hours while AAVE and Curve DAO (CRV) have all risen by double-digits.
The case for DeFi
The biggest crypto news of this month was the SEC lawsuit against Coinbase and Binance, two of the world’s biggest centralized exchanges. The SEC accused the companies of offering unregulated products to American cutomers. Binance’s suit had more charges.
These lawsuits are good for companies in the decentralized finance like AAVE, Uniswap, and Lido. Unlike Binance and Coinbase, these companies are more difficult to regulate since most of them are international brands managed by decentralized autonomous organisations (DAO).
In the case of Lido, the platform will likely benefit if the SEC decides to crackdown on staking in the United States. The company provides liquid staking solutions that simplify how people stake tokens and earn returns. It has grown to become the biggest DeFi platform in the world with a total value locked (TVL) of over $14 billion.
Most of these DeFi tokens have seen their daily trading volumes jump. dYdX volume in the past 24 hours stood at over $46 million. AAVE’s volume this week has jumped. It peaked at over $410 million on Tuesday as whales continued accumulating.
AAVE price prediction
AAVE crypto price dropped to a low of a multi-month low of $47.18 this month. It then rebounded and reached a high of $76 as cryptocurrencies recovered. The price now remains below the descending trendline shown in black. It is also oscillating at the 50-day and 100-day moving averages. The price is also at the lowest point on March 10th.
As shown below, the token’s volume has remained at an elevated level in the past few days. Therefore, more upside will be confirmed if the AAVE token jumps above the important resistance point at $70. This is a notable price since it coincides with the upper side of the descending trendline.
Read more: How to buy AAVE.
CRV price prediction
Like AAVE, Curve DAO price has made a strong recovery in the past few days. Precisely, it has jumped by more than 27% from the lowest level this month. And the current price is a few points below the crucial resistance point at $0.7368, the highest point in November last year.
Curve DAO token is still below the 50-day and 100-day moving averages on the daily chart. The token has formed a break and retest pattern, which is usually a sign of a bearish continuation. Therefore, while CRV has more upside, buyers should only wait for a confirmation above $0.7368.
Read more: How to buy Curve DAO.
Synthetix price prediction
Synthetix’s SNX price has also staged a major recovery in the past few days. It has jumped by 42% from its lowest point this month. As it rose, the token managed to flip the important resistance of $2.03 into a support. This is an important level since it was the lowest level on March 11th.
SNX price has moved above the 100-day and 50-day moving averages. It has also crossed the descending trendline shown in black. The next resistance level for SNX price to watch will be at $2.50 while the support is at $2.0.
Read more: How to buy Synthetix.
