- The cryptocurrency market collapsed in the past 24 hours losing more than $100 billion in market capitalization.
- DeFi tokens have remained strong and even managed to rally despite the recent sell-off.
A number of DeFi tokens have been outperforming Bitcoin and Ethereum in the past week. Uniswap is up by 6% in the past 24 hours and has been trading in a massive uptrend since November 4, 2020.
Although Synthetix had a significant 8% drop today, the digital asset is up by more than 550% since November 2020. Similarly, Aave has been trending upwards since November as well.
Synthetix bull run has solid numbers behind it
The price increase of SNX wasn’t just a random pump. The number of new addresses in the past month has increased significantly, which indicates a lot of new investors have joined the network.
SNX new addresses
On the daily chart, SNX price has been able to steadily climb above the 12-EMA which has served as a robust support level throughout the rally. SNX just hit its all-time high at $16.5 which means it’s facing practically no resistance above.
SNX/USD daily chart
However, losing the 12-EMA level would be notable and a bearish sign capable of pushing SNX down to $10 in the mid-term.
Aave price seems to have no limit
Similar to SNX, Aave has been trading inside a robust uptrend and just hit a new all-time high at $163.7. The digital asset is currently in price discovery mode and faces very little resistance in the long-term.
AAVE Holders Distribution
Surprisingly, despite hitting new all-time highs, the number of whales holding between 100,000 and 1,000,000 coins ($16,000,000 and $160,000,000) has increased by four in the past five days which indicates large holders expect AAVE to rise even higher.
AAVE sell signals
However, the TD Sequential indicator presented a sell signal on the 4-hour and 9-hour charts as well as on the weekly chart last week. Although the call on the weekly chart seems to be getting invalidated, there is still time for confirmation which could push AAVE price down to $100.
Uniswap whales continue to accumulate
Despite UNI price hitting new all-time highs at $7.4, whales have continued to accumulate the digital asset. According to Santiment, the number of large holders with at least 100,000 and less than 1,000,000 coins increased by 13 in the past month. Similarly, bigger whales holding at least 1,000,000 and up to 10,000,000 coins also continued to join the network increasing by three in the last month.
UNI Holders Distribution
This clearly shows that large investors are highly interested in Uniswap even at these prices. On top of that, the number of UNI coins inside exchanges has continued to decline since January 1, 20201.
UNI supply on exchanges
Despite the major price rise of Uniswap, the number of coins inside exchanges dropped from 7% of the supply to 6.83%. Although this might not seem like a huge difference, it indicates that investors are not looking to sell the digital asset just yet.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.