A look at five tokens from the decentralized financial sector (DeFi) with interesting developments for the month of September.
Kava.io (KAVA)
- Current price: $ 8.11
- Market Cap: $ 673 million
- Market Capitalization Rank: # 110
Kava is a decentralized financing platform (DEFI). Unlike other such platforms, it offers support for cross-chain assets. The platform allows users to borrow stablecoins and then use them to generate returns.
The platform uses the native token KAVA. The token has a use case as reserve currency and for voting rights.
KAVASwap will start on September 1st and serve as a bridge between DeFi, blockchains and financial services. In addition, the mainnet will start sometime in September.
KAVA broke out of a descending resistance line on July 24th and hit a new all-time high on August 24th.
It then fell to confirm the $ 7.30 area and initiated another upward move. As a result, it hit a new all-time high of $ 9.21 on August 30th.
There are no weaknesses in the technical indicators. The next resistance is at $ 1.90.
Chart according to TradingView
Chart according to TradingViewMantra Dao (OM)
- Current price: $ 0.22
- Market Cap: $ 79 million
- Market Cap Rank: # 431
MANTRA DAO is a community managed decentralized financial platform. It focuses on governance, staking, and lending.
The native token used by the platform is OM, whose holders control the Mantra Dao ecosystem through their voting rights. Users who contribute to the ecosystem are rewarded through the reputation mechanism “Karma”.
The Skyrim Pool will open on September 1st, prior to the launch of Skyrim Finance. Skyrim Finance Launch is an ecosystem of DeFi products. It will offer both fixed income and leveraged yield products. It will initially build on Ethereum and Binance Smart Chain and later be compatible with Polkadot.
OM broke out of an ascending parallel channel on August 5th and confirmed it as support two days later (green symbol).
Although it has risen since then, it has yet to hit a closing price above the $ 0.25 horizontal range. This could lead to a significant upward movement.
Chart according to TradingView
Chart according to TradingViewEarth moon)
- Current price: $ 33.8
- Market Cap: $ 13.58 billion
- Market Capitalization Rank: # 12
Terra is a blockchain that uses stablecoins and in turn uses them to run a global payment system. The project goal is to combine the decentralization of cryptocurrencies with the stability of fiat currencies.
The native token is called LUNA. Its two main use cases are stabilizing stablecoin prices and using it for voting rights.
The Columbus 5 mainnet upgrade will start on September 9, providing several updates for the current system. The most important thing is that swap fees are not burned but used as dividends.
LUNA has been rising since August 1st when it broke out of a descending resistance line. As a result of the breakout, it hit a high of $ 36.89 on August 29. This is a new all time high.
However, there are some slight signs of weakness in the form of bearish divergences in both the RSI and the MACD.
The next resistance area is at $ 33.86, exactly at the current price, while the next is at $ 52.50. These are the external fib retracement resistance levels of 1.61 and 2.61.
Chart according to TradingView
Chart according to TradingViewCoti Network (COTI)
- Current price: $ 0.34
- Market Cap: $ 274 million
- Market Capitalization Rank: # 165
COTI is a blockchain platform that specializes in creating payment systems. More specifically, it allows users to create their own personalized payment systems.
It uses a new consensus algorithm called “Trustchain” that is based on machine learning. The algorithm can process more than 100,000 transactions per second.
The platform offers seven main elements that are considered essential to a legitimate payment structure:
- simplicity
- Scalability
- Cost effectiveness
- Buyer-Seller Protection
- safety
- Price stability
- Instantaneousness
In September, COTI will begin delivering on-chain smart contracts. The contracts are executed completely on-chain and differ from other platforms that offer smart contracts.
On August 25, COTI managed to break out of a long-term descending parallel canal. It rose 48% for the day to hit a high of $ 0.49.
However, it has fallen since it was rejected by the 0.786 fib retracement resistance level. The next support area is at $ 0.26, the resistance level of the previous channel.
Chart according to TradingView
Chart according to TradingViewZero exchange (ZEE)
- Current price: $ 0.274
- Market Cap: $ 14.2 million
- Market Capitalization Rank: # 871
Zeroswap is a decentralized exchange aggregator compatible with different chains. Transactions are gasless and new tokens are created every time an on-chain trade is made.
The native token for the platform is ZEE. So far, the platform offers access to the smart chains Ethereum, Polkadot and Binance.
Three important new products will be launched in the third quarter of 2021:
- Mobile ZeroSwap app
- A new governance module
- New bridge for PolkaDot, AVA and Elrond
ZEE started an upward move on July 20th, leading to a high of $ 0.45 on August 23rd. While the token has been moving down since then, it is still trading above the 0.618 fib retracement support level at $ 0.262.
In order for the bullish structure to remain intact, ZEE must stay above this level.
Both the MACD and the RSI are neutral. The former is on the 0 line while the latter is on the 50 line.
Chart according to TradingView
Click here to view the latest Bitcoin (BTC) analysis from BeInCrypto.
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