- A popular crypto analyst states that a niche in the crypto market is challenging the overall market downtrend, highlighting a handful of crypto projects.
In a YouTube update, the Coin Bureau YouTube channel alias Guy says that decentralized finance (DeFi) and DeFi altcoins are making an impressive comeback to his 2.08 million subscribers.
“To review Convex Finance We start with. CVXappears to be recovering due to developments on the decentralized stablecoin front…
Unfortunately, the recent rise of CVX has not garnered much attention in the community, but as DeFi developer Andre Cronje once said, ‘DeFi tokens must not be bought, they must be earned.’ His words, not mine.”
At the time of writing, it has experienced a rise of about 3 percent. Convex Finance (CVX) It is at the level of $5.20. The altcoin continues to trade up 66.1 percent from its monthly low of $3.13 on June 18.
Quant Network (QNT)
Analyst is also an interoperable blockchain that helps developers build decentralized applications (DApps). Quant Network (QNT) also examines it closely.
“The next in line is Quant Network. The QNT token appears to be recovering as a result of an update to Overledger, a platform built by Quant Network that allows the creation of DAapps using smart contracts from other blockchains.
Like most altcoins, QNT is trading well below its all-time high, and technical analysis suggests it won’t go much higher from here. In other words, we’re late for a fix, so think twice before we jump in.”
QNT was trading at around $60 a week ago, although Quant Network is down nearly 6 percent at a sell price of $80.43 in the last 24 hours. This marks a huge uptrend.
AAVE (AAVE)
Guy then did a lengthy review of his new overcollateralized, decentralized stablecoin, the GHO, a project for lending and borrowing protocol. from Aave (AAVE) also talks about.
“AAVE token is recovering mainly thanks to Aave’s decentralized stablecoin…
While Aave’s weekly rally looks spectacular, once you step back you can clearly see that the token remains in a long-term downtrend, but it’s possible for us to test the upper boundary of the channel we’ve been down since last summer.
This price action could push Aave up to $120 before it gets rejected. ”
Aave also reversed some of its recent gains, similar to QNT, down 7.59 percent on the day to $68.60, but the price of the popular altcoin still rose significantly from its weekly low of $60.15 on July 5.
THORChain (RUNE)
Guy then developed a decentralized cross-chain liquidity protocol. THORChain (RUNE) It also draws attention to the latest developments in the field.
“If the next altcoin is RUNE token. ThorChain offers KYC between virtually any coin or token, just like developers do on a centralized exchange. [Müşterinizi Tanıyın] or an exchange that will enable exchange without third-party oversight. DEX [merkezi olmayan borsa] The collector has recovered on the news that it is in the process of creating it.
It’s unfortunate that RUNE’s price continues to drop, but if there’s anything we’ve learned from past price action, we may see another big speculative pump in the weeks after the DEX rollup is implemented, along with other groundbreaking features THORChain is working on.”
THORChain (RUNE), which traded at $1.99, down 5.51 percent, flirted with $2.50 on July 9, before correcting.
Uniswap (UNI)
Host of the popular YouTube channel, an auto market maker (AMM) and DEX Uniswap (UNI) He concludes his analysis by evaluating the situation.
“Finally, we have Uniswap, one of the DEXs ThorChain wants to acquire. Actually, I’m not quite sure why UNI is rallying, but there has been a lot of trading volume on Uniswap lately, which is probably why the rallies took place.
Like many other altcoins, UNI has basically bounced back to its pre-bull market levels. It should be noted that as we are still in the middle of a crypto bear market this does not mean that this is a good time to buy.”
Uniswap, which has experienced a windfall of 3.24 percent in the last 24 hours, is trading at $5.63.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.