After closing September with acceptable losses, it is important to choose altcoin projects that give the right technical signals for October, according to analystsdollars. In particular, the upcoming Blockchain summit and conferences will invite more entrepreneurs and developers to the industry. Therefore, we take a look at analyst Valdrin Tahiri’s analysis of 5 DeFi coins. In the list you can find the support/resistance levels and upcoming events of the projects. Up next with AAVE…
DeFi coin Aave (AAVE) targets $375 resistance line
Aave is a DeFi protocol that focuses on liquidity and allows users to be depositors or borrowers. While depositors earn interest income, those who want to borrow borrow from these pools. Aave also offers the most flash loan features. This allows users to borrow their assets without collateral as long as they are returned in a single Block transaction. The platform uses the native token AAVE for transactions. Aave CEO Stani Kulechov will attend as a speaker at the global cryptocurrency conference to be held in London on October 7-8.
On the technical side, AAVE price has been trading inside a descending widening wedge since September 7. This can normally be considered a bullish spread. Also, the indicators RSI bullish divergence and MACD formed a higher momentum bar. According to analyst Valdrin Tahiri, the closest resistance area of AAVE is the $375 zone. This area is the 0.618 Fib retracement resistance level and the resistance line of the channel.
Non-blockchain access provider: Synthetix (SNX)
Synthetix (SNX) provides interaction between cryptocurrencies and currencies, stocks, precious metals and other assets on the ERC-20 Blockchain network. It is often used to solve DEX and liquidity issues. In addition, participants can earn rewards by providing collateral to the protocol or staking the platform’s native token, SNX. Synthetix basically interacts with non-Blockchain assets to reach a broader financial framework. The CEO of the project, Kain Warwick, will also attend the Token 2049 conference as one of the keynote speakers. On the technical side, SNX has broken out of an ascending support line (dashed) and this breakdown is supported by the descending MACD and RSI. Along with these levels, it follows a descending support line that coincides with the horizontal support area of $9. The single view looks like this:
DeFi coin Origin Protocol (OGN) will reward its users!
Origin Protocol, also known as Origin Token, is a cryptocurrency that brings together buyers and sellers directly without the need for any intermediaries. By doing this, it aims to bring both NFTs and DeFis to the general market. It focuses on lower fees, better incentives and increased access issues. Origin Protocol has more than 800 investors, while the native token OGN is held at more than 37,000 addresses. Participants are rewarded periodically according to the efficiency of the network. Additionally, EGN is used for governance.
On October 1, OGN holders will be rewarded with four NFs to be jointly distributed with CREAM financing. On the technical side, it has been trading between $0.58 and $1.40 since May. It was rejected by the resistance zone on September 6 and has been moving downward ever since. However, it is following a descending support line that will soon coincide with the horizontal support area mentioned above. Also, the MACD has formed a higher momentum bar, so analisdollarser is expecting a bounce soon.
Bella Protocol (BEL) gained bearish momentum on September 4th!
Bella Protocol is a platform that provides banking services to crypto investors. Transactions are public and simple. It also offers different DeFi products. Although the protocol does not have any gas fees, it provides the best return rates. Its native token is BEL. Launched in September 2020, Bella has partnered with XRP and Binance, most notably Arrington. The three main products provided by the platform are:
- Click Bella
- Bella Flex Savings
- Bella lend me
An international summit called “Synopsis” will be held in Shanghai on October 11-15. During the recap, Felix Xu, CEO of the Bella protocol, will be one of the keynote speakers. On the technical side, BEL has been moving downwards since Sept. It broke from an ascending support line on September 20 and is currently approaching the $1.30 support area formed by the 0.786 Fib retracement support level. MACD and RSI are starting to give bullish signals.
DeFi Coin Rocket Pool (RPL), ETH staking benefits
Rocket Pool is a protocol that can be earned by staking Ethereum. It does this through tokenized staking, and users who can work with their own nodes can earn more returns. The project’s new mainnet launches on October 6 and will take place in four phases limiting the overall size of the deposit pool for ETH. The fourth and final phase will allow an unlimited mini pool and a maximum of 5,000 ETH in the deposit pool. As a price expectation, analisdollarser states that the RPS price has risen above the 0.01 ETH resistance area against ETH.