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Cryptocurrency : Technical analysis of the main DeFi tokens: Curve, Aave and Compound

The bearish tide in the crypto market does not end, and the tokens of the main DeFi are not escaping from it.

Today the value blocked in decentralized protocols is $ 64,610 million, losing almost 50% from the historical maximum of $ 128,000 million.

Total value locked in DeFi protocols.  Source: DeBank.Total value locked in DeFi protocols.  Source: DeBank.Total value locked in DeFi protocols.  Source: DeBank.Total value locked in DeFi protocols. Source: DeBank.

In the last 24 hours, the loss of blocked value between the main protocols is between 5% and 10%.

The top 10 DeFi is led by Curve, with a locked value of $ 7.4 billion. This is followed by Aave V2 and Compound with $ 6.7 billion and $ 6.5 billion respectively in locked value.

Top 10 decentralized protocols for the end of June 2021. Source: DeBank.Top 10 decentralized protocols for the end of June 2021. Source: DeBank.Top 10 decentralized protocols for the end of June 2021. Source: DeBank.TOP 10 decentralized protocols for the end of June 2021. Source: DeBank.

Technical analysis of the main DeFi tokens

Token Curve

The largest DeFi token is trading at the time of writing at $ 1.46, accumulating a slight gain of 1% in the last 24 hours.

With a market capitalization of $ 1.168 million, Curve DAO is ranked 92nd in the CoinMarketCap ranking.

From the daily price chart of this token we observe a clear short-term downtrend, currently developing momentum that could easily lead to further losses in the near future.

However, the possibility of a double bottom over the area between $ 1.05 and $ 1.32, may generate some hopes of a resumption of the uptrend that the DeFi ecosystem has brought in recent months.

At the moment the odds are on the bearish side for the short term. To think about a change of direction, resistance at $ 1.66 must be broken.

Technical analysis of the main DeFi tokens.  Daily chart of the Curve DAO token vs US dollar.  Source: TradingView.Technical analysis of the main DeFi tokens.  Daily chart of the Curve DAO token vs US dollar.  Source: TradingView.Technical analysis of the main DeFi tokens.  Daily chart of the Curve DAO token vs US dollar.  Source: TradingView.Technical analysis of the main DeFi tokens. Daily chart of the Curve DAO token vs US dollar. Source: TradingView.

AAVE Token

The native token of the decentralized lending platform AAVE is trading at $ 178.27, accumulating a loss of 4.56% in the last 24 hours.

Thanks to a capitalization of $ 2,338 million, it ranks 32nd in the ranking of the largest cryptocurrencies.

Unlike Compound, the Aave token has been hit considerably more by the losses of the crypto market, losing support after support without much difficulty.

The short-term trend is undoubtedly bearish, which tells us that the odds are on the side of a continuation of losses, which could easily push the price to support at $ 160.32.

In this case, to think about buying, the resistance at $ 211.37 should be broken, which would give way to a transition of the short-term trend.

Token Compound

The COMP token is currently trading at $ 216.60, and accumulates a loss of 2.46% in the last 24 hours. With a capitalization of $ 1,163 million, it ranks 61st in the CoinMarketCap ranking.

Like almost the entire crypto market, Compound’s token trend is short-term bearish.

Today the price is making support at $ 219.69, but the bearish tilt could soon put pressure and push COMP to $ 177.37.

To think about short-term buying, the resistance at $ 260.25 must be broken.

While some believe that the bull market is over and the losses we are seeing are a consequence of it, others (including myself) are in favor that the decline is nothing more than a healthy correction, and that it could soon give way to a new big boost upward.

Analysis of the current market situation tells me that even though we may see greater losses in the short term among DeFi tokens, the decline is coming to an end, so it pays to be cautious when betting against the bullish direction. long-term.

Compound vs USD daily chart.  Source: TradingView.Compound vs USD daily chart.  Source: TradingView.Compound vs USD daily chart.  Source: TradingView.Compound vs USD daily chart. Source: TradingView.

All our publications are informative in nature, so in no case should they be followed as investment advice.

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