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This article will take a look at five cryptocurrencies in the decentralized finance (DeFi) industry.
These DeFi tokens have some interesting developments planned for August. These developments could also have a positive effect on their price.
Algorand (SOMETHING)
- Current price: $ 0.84
- Market capitalization: $ 2.651 billion
- Market Cap Rank: 38
Algorand is a decentralized network that focuses on accelerating the exchange of traditional and decentralized financial sectors. To do this, it allows the creation of different financial products and protocols.
When it was launched, Algorand was the first proof of stake protocol. Its technology aims to provide faster transaction speeds and lower costs. The first use of this technology took place on the main Algorand network.
The native token is ALGO, which has a fixed supply of 10 billion. It will be fully distributed by 2030.
Balancer is an automated portfolio manager and one of the largest automated market makers (AMMs) in the world. It will be available in Algorand in August. This will allow the exchanges to freely create trading pairs with all of Algorand’s assets.
ALGO has been trading inside a descending wedge since April 17 and is approaching the end of the pattern. The coin is a bullish pattern. Additionally, the MACD generated a bullish divergence.
Therefore, a breakout would be the most likely scenario.
Chain link (LINK)
- Current price: $ 19.11
- Market capitalization: $ 8.039 billion
- Market Cap Rank: 14
Chainlink allows different blockchains to securely interact with each other. It does this through its decentralized Oracle network, which provides reliable inputs and outputs for smart contracts.
The network is driven 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 in the network and / or sell their data and APIs to smart contract developers.
The smart contract summit will take place August 5-7. It is widely regarded as the biggest smart contract event of the year. In it, Chainlink Labs Chief Scientist Ari Juels will be the keynote speaker.
On July 22, LINK erupted from a descending resistance line that had been in place since May 27. He is currently trying to break out of the $ 20 resistance zone.
The technical indicators on the day’s horizon are bullish.
Kava.io (KAVA)
- Current price: $ 5.34
- Market capitalization: $ 375 million
- Market Cap Rank: 114
Kava.io is a DeFi lending platform. It allows its users to deposit cryptocurrencies in order to earn a return. In addition to that, it supports cross-chain assets, one of its unique features compared to other lending platforms. Additionally, its users are likely to manage their own staking nodes in order to earn more direct rewards.
The Kava Swap Mainnet will launch on August 12. After that, a number of governance proposals will be created. One by one, they will activate the functionality of the main network to maximize the security of the deployment.
KAVA broke out of a descending resistance line and moved above the horizontal resistance zone of $ 4.95. The next resistance is at $ 6.70.
As for LINK, the technical indicators for the daily horizon are bullish.
Aave (AAVE)
- Current price: $ 307.48
- Market capitalization: $ 3.971 billion
- Market Cap Rank: 28
Aave is a decentralized protocol that focuses on liquidity. In it, participants have the option of becoming either borrowers or depositors.
The former can use different features to borrow assets, while the latter can earn interest by becoming liquidity providers.
The native protocol token is AAVE. In addition to providing lower fees, it gives its owners a say in protocol changes.
From August 5 to 7, the CEO and founder of Aave, Stop 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 out of a descending resistance line. It is now approaching the resistance zone of $ 1.34.
TrueFi (TRU)
- Current price: $ 0.141
- Market capitalization: $ 19.877 million
- Market Cap Rank: 638
Like Aave, TrueFi is a decentralized protocol that focuses on building liquidity pools that provide favorable annual returns.
The native protocol token is TRU. It allows its holders to assign credit ratings to liquidity providers.
The 2021 roadmap has four phases and the last one will be launched in August. Inside :
- Support for arbitrary ERC20 tokens will be added.
- Loan pools will be able to provide liquidity on both loan and line of credit tokens.
- Other protocols may participate in fundraising for loans and lines of credit.
TRU hit an all-time low of $ 0.1134 on July 20. Although there are many bullish divergences, the token has yet to initiate a bullish movement.
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.
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