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DeFi Markets Price Analysis: LEND, KNC, SNX - Which Token Might Repeat Compound Growth Soon?

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. 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.

To a certain extent, the DeFi tokens are more volatile than the top cryptocurrencies. Most of them are in the green; however, there are some exceptions to the rule. This mainly applies to the Synthetix Network token (SNX) and Ampleforth (AMPL), which have declined by 3.78% and 8.65% respectively.

Top 10 DeFi tokens
Top 10 DeFi tokens

Below is the main data for Aave (LEND), Kyber Network (KNC), and Synthetix Network Token (SNX) and how they're looking today:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Aave

LEND

$385,486,119

$0.296528

$22,612,589

1.24%

Kyber Network

KNC

$348,169,571

$1.80

$146,844,927

14.53%

Synthetix Network Token

SNX

$283,373,446

$3.27

$17,247,388

-3.73%

LEND/USD 

Aave (LEND) is one of the DeFi tokens that has grown the most since last week. Even though yesterday's price change has only gone up by +0.36%, the altcoin has skyrocketed by about 58% over the last 7 days.

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

Looking at the daily chart, Aave (LEND) is already overbought. This is based on the Relative Strength Index (RSI). The altcoin's trading volume is also on a slight declining. In order to continue moving upwards, the bulls need to accumulate power. This is why a correction is the most likely scenario within the next few days. In this regard, traders may expect a price drop to $0.25 next week.

At press time, LEND is trading at $0.2920.

KNC/USD 

Kyber Network (KNC) has also reached it local peak; however, the token could not fix above the $2 mark. KNC is the top gainer from our list, skyrocketing up by 14.53% since yesterday.

KNC/USD chart by TradingView
KNC/USD Chart by TradingView

KNC has formed a bearish divergence on the RSI according to the daily chart. Apart from that, the liquidity is low, which means that there is a low probability for KNC to continue rising at its current levels. All in all, the bears may push back against the token to the $1.53 support level within the next few days.

At press time, KNC is trading at $1.81.

SNX/USD 

SNX is the only loser from our list as its rate has gone down by 1.80% in the last 24 hours. However, the price over the last 3 days has constituted a gain of +38%.

SNX/USD chart by TradingView
SNX/USD Chart by TradingView

Looking at the 4H time frame, Synthetix Network Token (SNX) has already started a correction after failing to fix around the $3.50 level. The drop may continue as there is no interest from buyers due to the decreasing trading volume. The first support level where the bulls may resist is at $3.18. In case the bears break through, the next stop will be at the $2.98 mark. 

At press time, SNX is trading at $3.28.

 
Cover image via www.tradingview.com

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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