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DeFi Markets Price Analysis for 08/08: LINK, MKR, LEND, & COMP

Which DeFi token could outperform Compound (COMP) in terms of growth?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market is trying to recover after yesterday's decline. However, with regards to the DeFi tokens, most of them are in the red except for a few that remain under bullish sentiments.

Top 10 DeFi coins by CoinMarketCap
Top 10 DeFi Coins by CoinMarketCap

Below are the key statistics for Chainlink (LINK), Aave (LEND), Maker (MKR), and Compound (COMP):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Chainlink

LINK

$3,719,374,270 $10.63 $1,165,297,537 6.29%

Aave

LEND

$528,218,322 $0.406322 $57,200,202 6.06%

Maker

MKR

$583,772,304 $580.53 $11,297,429 -1.53%

Compound

COMP

$403,716,219 $157.62 $98,835,018 11.83%

LINK/USD 

Chainlink (LINK) is one of the top 10 DeFi tokens that has not yet faced a correction. Moreover, the rate of the coin has increased by 6.29% since yesterday, while last week constitutes a price change of 36.90%.

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LINK/USD chart by TradingView
LINK/USD Chart by TradingView

Looking at the daily time frame, Chainlink (LINK) continues to rise after successfully retesting the $9 zone. However, the ongoing growth is accompanied by a decreasing trade volume, which may be a reason for a possible correction. Anyways, there is a low probability of continuing to rise as LINK's liquidity is also located at their lowest levels. In this particular case, the more likely scenario is a consolidation within the yellow range between $9.20 and $10 through the end of the month.

At press time, Chainlink was trading at $10.62.

LEND/USD 

Aave (LEND) is also located in the green; however, it has not increased as much as LINK. The DeFi token has gained 28% from the previous week.

LEND/USD chart by TradingView
LEND/USD Chart by TradingView

The technical picture of Aave (LEND) is similar to that of Chainlink (LINK). The token has already on the verge of the overbought sector according to the Relative Strength Index (RSI). Thus, the trading volume is going down, which confirms the bearish sentiments.

👉 MUST READ DeFi Markets Price Analysis for 25/07: LINK, SYS, ZRXrelated article image

Even though buyers continues to dominate the market, LEND may face a slight drop to its closest level at $0.3845 in order to gain strength for the upcoming price growth.

At press time, LEND was trading at $0.4124.

COMP/USD 

Compound (COMP) is the biggest gainer from our list. The price of the token has skyrocketed by almost 12% from the previous day.

COMP/USD chart by TradingView
COMP/USD Chart by TradingView

Even though Compound (COMP) has increased significantly, the growth potential remains as the token has gained enough strength for a continued rise. Thus, the lines of the Moving Average Convergence/Divergence (MACD) has entered bullish territory. Furthermore, the buying volume is high considering a continued rise to the closest resistance at $163. Once bulls reach their level, traders need to pay close attention as to whether the token closes above the aforementioned mark or makes a false breakout.

At press time, Compound was trading at $159.

MKR/USD 

Maker (MKR) is the only coin from our list that is located under the thumb of the bears. The token has lost 1.53% of its price share since yesterday.

MKR/USD chart by TradingView
MKR/USD Chart by TradingView

However, looking at the 4H chart, the altcoin is about to break out of the triangle pattern which will confirm pressure from buyers. If Maker (MKR) follows that scenario, then a rise may continue until the token reaches the $613 mark. However, to attain that level, the trading volume needs to increase as another scenario by the bears may seize on the initiative and push the coin below $570.

At press time, Maker was trading at $581.63.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com