We are listing 5 DeFi altcoin projects with interesting developments lined up for November. In the continuation of the article, you can find short price histories of altcoins and technical analysis by analyst Valdrin Tahiri. Let’s start with the first row selection Aave (AAVE).
DeFi altcoin Aave (AAVE)
Aave is a fully decentralized liquidity protocol; this means it allows users to build third-party apps and services on it. Participants in the protocol have the option of being a borrower or a depositor. The native token used for voting and administrative rights is AAVE. The Cosmosverse conference of the project will take place in Lisbon on November 5 and 6. Ajit Tripathi, AAVE’s head of corporate business, will be one of the keynote speakers.
On the technical side, AAVE has been falling near a descending resistance line since Aug 17. On October 27, AAVE made an attempt to break above this line. However, it failed and created a long upper wick of 27%. This is a sign of selling pressure as the breakout cannot be sustained and sellers push the price down instead. Until AAVE manages to break out of this line, the trend cannot be considered bullish.
Second place Secret (SCRT)
Secret (SCRT) is a Blockchain whose main focus is data privacy. Its users can create applications that specialize in protecting privacy. The native token of the project is SCRT. With SCRT, users have lower costs on the network. Also, those who share the token earn rewards and can participate in management-related decisions. Supernova, the most comprehensive mainnet upgrade to this point, will hit the market on November 9.
cryptocoin.com SCRT price hit an all-time high on Oct. The up move has become completely parabolic and this is often unsustainable in the long run. The next closest resistance area is located between $13.90 and $14.25. This is 1.61 external Fib retracement (black) when measuring the previous drop and 2.61 external Fib retracement when measuring the latest drop (white). The combination of these two levels increases its importance as an area of resistance.
COTI (COTI)
COTI is a Blockchain platform specializing in financial technology. It aims to provide services similar to traditional payment systems, but with the security and cost-effectiveness of Blockchain systems, the platform can process more than 100,000 transactions per second. The Mainnet 2.0 phase of the project will be fully available by the end of the month.
On the technical side, COTI has been rising since July 20 with an ascending support line. This led to an all-time high of $0.68 on September 29. COTI has been moving down since breaking a new high, potentially confirming the $0.48 area and the ascending line as support (green icon). Doing so would be a very bullish development, often followed by a continuation of the upward move. Therefore, as long as it trades above this level, the trend is considered bullish.
DeFi altcoin Compound (COMP)
Similar to AAVE, Compound is a decentralized lending protocol. Users can accrue interest by depositing tokens in the pools offered by the platform. The native token is COMP, which is mainly used for governance issues. The Ripple Swell conference of the project will take place on November 9-10. COMP founder Robert Leshner will be one of the keynote speakers there.
On the technical side, COMP has been trading inside a descending parallel channel since July. Since the beginning of October, it has been holding above the $305 support area and the channel support line. Although there are no bullish signs, this level is a strong support zone that is likely to start a recovery.
Play win game platform: Axie Infinity (AXS)
Axie Infinity is a Blockchain play-to-win platform. It is turn-based and allows its players to collect, upgrade, trade and battle non-mushroom creatures known as “Axies”. NFT.NYC, the premier annual NFT event, will take place November 1-4. One of the keynote speakers will be Jeffrey Zirlin, co-founder of Axie Infinity.
On the technical side, AXS has been trading inside a symmetrical triangle since hitting its all-time high on Oct. Therefore, a breakout from here would be the most likely scenario. The first Fib resistance area is at $186.50 and the second at $227.50. These levels are found by reflecting the length of previous upward moves.
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