cryptocoin.com As a result, we present an outlook for five DeFi coin projects from the decentralized financial sector, where interesting developments are expected by analysts in September.
Kava.io (KAVA) offering support for cross chain assets
At the time of writing, KAVA’s current price is $6.40, its market value is $585 million, and KAVA is ranked 119th in market capitalization. Kava is a decentralized finance (DeFi) platform for lending. Unlike other platforms of this type, it offers support for cross-chain assets. The platform allows users to borrow stablecoins and then use them to earn returns. The platform uses its native token KAVA. The DeFi coin project can be used for reserve currency and voting rights. KAVASwap will be released on September 1 and will act as an interface between DeFi, Blockchains and other financial products. Also, the mainnet will go live in September.
Crypto analyst Hasan Sheikh states that KAVA broke out of a descending resistance line on July 24 and reached an all-time high (ATH) on August 24. After that, the price dropped to the $6.40 zone and another upward move started. According to the crypto analyst, technical indicators show no weakness and the next resistance is at $9.10.
A different DeFi coin project Mantra Dao (OM)
At the time of writing, OM’s current price is $0.22, its market capitalization is $79 million, and OM is ranked 436th in market capitalization. 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 with voting rights. Users who contribute to the ecosystem are rewarded with a “mixed” reward mechanism.
Skyrim Pool will open on September 1 before the launch of Skyrim Finance. Skyrim Finance is an ecosystem of DeFi products that will include both fixed income and leveraged returns products. It will initially be built on Ethereum and Binance Smart Chain, but will later be compatible with Polkadot as well. According to analyst Hasan Sheikh, DeFi coin project OM broke out of an ascending parallel channel on August 5 and confirmed it as support two days later, and although the price has been rising since then, it has yet to reach a closing price above the $0.25 horizontal range. The analyst predicts that this could lead to a significant upside move.
Terra (LUNA) reconciling crypto and fiat
At the time of writing, the current price of LUNA is $ 33.71, its market value is $ 15.75 billion, and LUNA is in 11th place in the market capitalization ranking. Terra is a Blockchain that uses fiat currencies and uses them for a global payment system. The aim of the project is to combine the decentralization of cryptocurrencies with the stability of fiat currencies. The DeFi coin was named LUNA. The purpose of LUNA is to guarantee the price stability of stablecoins and use them for voting.
The Columbus 5 mainnet upgrade will begin on September 9 and will provide various updates to the existing system. The most important change will be that swap fees are no longer burned and used as dividends. LUNA price has been rising since August 1, when it broke out of a descending resistance line. As a result of the epidemic, August 29, which represents a new all-time high (ATH), reached $ 36.89. However, according to Analyst Hasan Sheikh, there are some slight signs of weakness in the form of a bearish bias in the RSI and MACD. The analyst states that the closest resistance area is at the current price at $33.71 and the next rise is at $52.50, which he says are the Outer Fib retracement resistances at 1.61 and 2.61.
Coti Network (COTI) with Trust Chain algorithm
At the time of writing, the current price of COTI is $ 0.31, its market value is $ 269.6 million, and COTI is in the 180th place in the market capitalization ranking. COTI is a Blockchain platform specializing in the development of payment systems. More precisely, it even allows users to create their own personalized payment system. The platform uses a new consensus algorithm called “trust chain” based on machine learning. The algorithm can process more than 100,000 transactions per second. The platform offers seven key elements deemed essential for a reputable payment structure: simplicity, scalability, cost efficiency, buyer seller protection, security, price stability, and speed.
In September, COTI will begin offering on-chain smart contracts. Contracts will be run entirely on chain on the platform and will therefore be different from other platforms that also offer smart contracts. Analyst Hasan Sheikh says that on August 25, COTI managed to break out of a long-term descending parallel channel. The price surged 48% that day to $0.49. However, the price has since declined after failing at the 0.786 Fib retracement resistance and the closest support is at $0.26, the resistance of the previous channel.
DeFi coin project Zeroswap (ZEE), which is in the process of launching three new products
At the time of writing, ZEE’s current price is $0.31, its market capitalization is $16.5 million, and ZEE is ranked 830th in market capitalization. Zeroswap (ZEE) is a decentralized exchange aggregator compatible with different chains. The native token of the platform is ZEE. The platform provides access to Smart Chains of Ethereum, Polkadot and Binance so far. Three major new products will be released in the third quarter of 2021: Zeroswap Mobile App, A new management module and a new interface for PolkaDot, AVA and Elrond.
The DeFi coin project started an upward move on July 20 and ended on August 23 at $0.45. Analyst Hasan Sheikh states that ZEE is still trading above the 0.618 Fib retracement support level at $0.31, although it has moved down since then, it must stay above this level for the uptrend to remain intact. The analyst says that both MACD and RSI are neutral, MACD is located at line 0 and RSI is located at line 50.
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