In this article, BeInCrypto will take a look at five cryptocurrencies from the decentralized finance (DeFi) sector that have interesting developments lined up for the month of October.
Current Price : $270.56Market Cap: $3,567,280 BillionMarket Cap Rank: #40
Aave is a DeFi protocol that mainly focuses on liquidity, allowing users to become either depositors or borrowers. The former earns income in the form of interest, while the latter borrows assets in order to use them.
The Aave protocol offers various features, one of the most interesting being the flash loan. This allows users to borrow assets without collateral, as long as they return them in one block transaction.
The native token for the platform is AAVE. It is used for voting rights on improvements done on the protocol.
Token 2049, is a global cryptocurrency conference that will be held in London on Oct 7-8. During this conference, Stani Kulechov, the CEO of Aave will be one of the main speakers.
AAVE has been trading inside a descending broadening wedge since Sept 7. This is normally considered a bullish pattern.
Furthermore, there is a bullish divergence in the RSI and the MACD has generated a higher momentum bar.
The closest resistance area is at $375. This is the 0.618 Fib retracement resistance level and the resistance line of the channel.
AAVE Chart By TradingView
Current Price : $9.54Market Cap: $1,095,574 BillionMarket Cap Rank: #81
Synthetix (SNX) is a decentralized finance (DeFi) protocol that allows users to gain on-chain exposure to various assets. It makes use of synthetic assets (synths) in order to solve slippage and liquidity issues that are usually present in decentralized exchanges.
In addition to this, participants are able to earn rewards by supplying collateral to the protocol or by staking SNX, the native token for the platform.
The aim of the platform is to bring in non-blockchain assets in the cryptocurrency space, in order to provide access to a broader financial market.
Kain Warwick, the CEO of Synthetix will also be one of the main speakers at the Token 2049 conference.
SNX has broken down from an ascending support line (dashed) and the breakdown is supported by the decreasing MACD and RSI.
However, it is following a descending support line which coincides with the $9 horizontal support area.
SNX Chart By TradingView
Origin Protocol (OGN)
Current Price : $0.724Market Cap: $254,276 MillionMarket Cap Rank: #173
Origin Protocol is a platform that aims to create a decentralized market for sharing services and goods. By doing so, it seeks to bring both non-fungible tokens (NFT) and DeFi to the general market.
The platform seeks to address the primary issues of existing markets by providing:
Lower fees Better incentives Increased access
Origin Protocol boasts more than 800 investors, while the native token, OGN is held by more than 37,000 addresses. These holders are periodically rewarded based on the yield of the network. In addition to this, the token is used for voting rights to change to the platform.
On Oct 1, OGN holders will also be rewarded with four non-fungible tokens (NFTs) which will be distributed in partnership with C.R.E.A.M finance.
OGN has been trading in a range between $0.58 and $1.40 since May. It was rejected by the resistance area on Sept 6 and has been moving downwards since.
However, the token is following a descending support line, which will soon coincide with the aforementioned horizontal support area. Furthermore, the MACD has generated a higher momentum bar, so, a bounce could soon follow.
OGN Chart By TradingView
Bella Protocol (BEL)
Current Price : $1.61Market Cap: $77,175 MillionMarket Cap Rank: #419
Bella Protocol is a platform that provides banking services to cryptocurrency users. It offers different DeFi products in order to make such services simpler and more accessible to the public.
Besides providing services without any gas fees, the protocol provides some of the best yield rates on the market. Its native token is BEL.
Bella launched in September 2020 and has already achieved numerous partnerships, most notably with Arrington XRP capital and Binance.
The three main products offered by the platform are:
1-Click BellaBella Flex SavingsBella Lending
On Oct 11-15, an international summit called “Synopsis” will be held in Shanghai. During Synopsis, Felix Xu, the CEO of Bella protocol will be one of the keynote speakers.
BEL has been moving downwards since Sept 4. It broke down from an ascending support line on Sept 20 and is now approaching the $1.30 support area, created by the 0.786 Fib retracement support level. The MACD and RSI are starting to show bullish signals.
BEL Chart By TradingView
Rocket Pool (RPL)
Current Price : $31.41Market Cap: $322,875 MillionMarket Cap Rank: #235
Rocket Pool is a protocol that enables users to earn returns by staking Ethereum. It does this through tokenized staking and users that are capable of running their own nodes can earn higher returns.
The new mainnet will launch on Oct 6. The rollout of the mainnet will transpire in four stages, each of those limiting the number of minipools and the total size of the deposit pool for ETH. The fourth and final stage will allow for an unlimited minipool and a maximum of 5,000 ETH in its deposit pool.
The RPL/ETH pair has just broken out and moved above the 0.01 ETH resistance area.
RPL Chart By TradingView
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Original Source: Be In Crypto Top Five DeFi Coins For October