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MKR, LINK, and COMP Price Analysis for August 22

Can the #DeFi tokens recover faster from the correction as compared to its top coins?

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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 situation within the cryptocurrency market has remained relatively unchanged since the start of the previous weekend. All of the coins from the Top 10 list are still in the red, and the biggest loser is Bitcoin SV (BSV), whose rate has dropped by 6.71%.

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

Below are the main statistics on Maker (MKR), Chainlink (LINK), and Compound (COMP):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Maker 

MKR

$631,194,896 $627.69 $32,180,590 -4.72%

Chainlink

LINK

$5,170,744,050 $14.77 $2,579,618,488 -2.87%

Compound

COMP

$427,457,221 $166.89 $72,304,244 -8.72%

MKR/USD 

Maker (MKR) might have finished its decline, which started on August 13th. The altcoin retested its support at $600, which confirmed the presence of the bulls and their continuous effort of a long-term bullish trend.

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

Looking at the daily chart, Maker (MKR) is maintaining its growth; however, the low trading volume is an obstacle, as well as the low liquidity level. In this particular case, the most likely price action is a consolidation between the $600-$650 area, followed by a continued rise to the previous local resistance level at $700.

At press time, Maker was trading at $632.97.

LINK/USD 

Chainlink (LINK) is the least of the falling cryptos from our list. The rate of the altcoin has dropped by almost 3% since yesterday, while the price change over the previous week has dropped 15.94%.

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

However, Chainlink (LINK) has not yet reached its support bounce level. The selling volume is high, which means that buyers are not ready to make a reversal.

👉 MUST READ Amount of LINK Held in Top 1% Wallets Reaches 2-Year High, Glassnode Revealsrelated article image

The altcoin is trading within a falling channel with the nearest target at $12. The bulls might seize the initiative in case of a false breakout of the $12 mark. In another case, sellers would continue to dominate the market.

At press time, Chainlink is trading at $14.81.

COMP/USD 

Compound (COMP) is the biggest loser from our list. The price of the popular DeFi token has dropped by 8.72% in the last 24 hours.

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

Looking at the daily time frame, Compound (COMP) has touched the far retest level from August 11th. It is unlikely that the bears will break it for the first time. This is why the bulls have a chance to bounce back the rate of the altcoin to $191 by the end of August 2020. Such a statement is supported by the bullish divergence on the Relative Strength Index (RSI). However, the trading volume should increase to make this scenario come true.

At press time, Compound is trading at $168.48.

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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