In this article, we’d be talking about some of the best Defi cryptos out there, which can turn out to be great investment opportunities in the longer term.
Investing in DeFi tokens can be complicated and time-consuming. But by buying them with BYDFI exchange, investors can easily avoid the hassle. The process is quick, and users can start investing in various tokens with just a few clicks.
Table of Contents
What is BYDFI?
BYDFI exchange is one of the best crypto trading platforms present in the crypto market. The platform has its headquarters in Singapore and has been running since 2019. They have a huge network covering almost 150 countries, allowing their traders to trade independently of their country.
In addition to this, BYDFI aims to provide the opportunity to all of its traders from all around the world to trade their crypto assets with ease. This is because the platform believes in the concept of “Complex contract simple trade.”
Before we get into the five best NFT coins to look out for, you can also stand a chance to get our Premium Crypto Signals for free by signing up on BYDFI using the link “HERE“. To learn more, join our Telegram channel!
Aave (AAVE) Price Analysis
Aave is a protocol that allows decentralized crypto-loans and various assets to be lent and borrowed without a centralized intermediary. This can be done when someone becomes a lender.
Then users get interested when they lend out. Someone who borrows pays interest when they take an asset out of pawn. Lending isn’t Aave’s only venture. They launched Lens Protocol, a decentralized social network on Polygon, in February 2022.
The price course of AAVE has been increasing over the past few days. At the moment, buying pressure is steadily increasing as well.
Increased liquidity in the AAVE market has led to the RSI for that instrument to reach 50, meaning it is neither strong nor weak.
In the 1D timeframe, the price action of $AAVE/USDT consolidates inside the falling wedge. Currently, it is trying to break its resistance trendline. We have to wait for a successful breakout to confirm its next move.
Maker (MKR) Price Analysis
The MakerDAO community has allocated $500 million for investing in U.S. Treasuries and corporate bonds.
The MakerDAO stablecoin will be used to fund the distribution of USD, with 80% going toward U.S. Treasury bills and 20% to investment-grade corporate bonds.
The community has approved this allocation proposal, which can be reinvested in subsequent distributions (through voting) or saved for possible inflation & stability down the line.
Maker’s new move will allow them to offer diverse, scalable investments without focusing completely on any single asset. The move should also expand their revenue streams while limiting the risks they can take.
In the 2H timeframe, the price action of $MKR/USDT is moving inside the ascending channel. We have to wait for a successful breakout or breakdown.
Compound (COMP) Price Analysis
Compound allows users to deposit cryptocurrency into lending pools, from which borrowers can access them, and lenders are awarded interest. Once a deposit is made, the Compound awards a new cryptocurrency called a cToken.
While Compound may not be 100% safe, it is one of the most established blockchain projects and has hundreds of millions of dollars worth of cryptocurrency locked in its smart contracts. Furthermore, it is one of the main drivers for a project with billions in token value.
The Compound is a really attractive venture for those looking to make money easily and wisely.
You can do anything from investing in crypto to interest and savings. The Compound enterprise will provide all the benefits to investors.
On the 2H timeframe, the price action of $COMP/USDT is consolidated inside the descending triangle. We must wait for a successful breakout or breakdown to confirm its next direction.
Loopring (LRC) Price Analysis
Loopring is a token for a decentralized exchange protocol that allows the easy creation of order book-based exchanges on Ethereum using zero-knowledge proofs.
In addition, Loopring is a protocol for developing DEXs on the Ethereum blockchain that can provide better security and faster transaction speed at a lower cost.
In other words, it provides solutions to the major problems with traditional, non-custodial exchanges.
Based on the details provided by Loopring’s historical data, the long-term prospects for this coin are promising, and its current support levels are stable. That said, there is some volatility in price development.
In the 1D timeframe, the price action of $LRC/USDT solidifies inside the bear flag pattern. We have to wait for a successful breakout or breakdown.
Ooki Protocol (OOKI) Price Analysis
Ooki is a margin trading, borrowing, lending, and staking protocol. With this protocol, anyone can build applications that let lenders and borrowers interact with the most flexible DeFi finance protocols on several blockchains.
Our Ooki price forecast predicts a 2.40% rise in the next few days, reaching $ 0.005059 in October 2022. Based on our technical indicators, the current sentiment is Bearish, and the Fear and Greed Index shows 25.
In the 1D timeframe, the price action of $OOKI/USDT is moving inside the horizontal support zone of the descending triangle. Therefore, we have to wait for a successful breakout or breakdown.
SushiSwap (SUSHI) Price Analysis
SushiSwap is an innovative decentralized exchange that works without liquidity provider tokens. Instead, the company has its token that can be used as a store of value to exchange with ETH, BTC, or any other cryptocurrency.
SushiDeFi allows users to buy and sell using the Automated Market Maker (AMM) protocol powered by smart contracts.
The share price of SushiSwap has risen due to positive developments in the marketplace. Golden Tree Asset Management has bet around $5.3 million on the company.
When the news was released, SushiSwap’s price increased roughly 15%. The price has been on an upward trajectory from 31 August–10 September, one of the company’s fastest expansions in recent years.
In the 1D timeframe, the price action of $SUSHI/USDT is set inside the descending triangle. Currently, the price is rising from the horizontal support zone. Therefore, we have to wait for a successful breakout.
Flamingo (FLM) Price Analysis
The Flamingo Token (FLM) is the reward token of the platform. You can earn FLM tokens by contributing liquidity to the liquidity pools and voting on proposals for the platform’s future.
Flamingo is just like every other cryptocurrency in the risks associated with investing. However, it does have some benefits, such as a good use case, well-designed tokenomics, an active community, and a solid team which may lead to it going up.
In the 4H timeframe, the price action of $FLM/USDT is moving inside the descending channel. Currently, the price is getting rejected from the resistance trendline. Therefore, we must wait for further P.A. to confirm its next move.
Bonfida (FIDA) Price Analysis
Bonfida is one of the earliest projects on Solana that can provide you with identity solutions & communication options. Bonfida is an entire ecosystem made up of various products and services.
The Bonfida ecosystem includes the Solana Name Service and FIDA, its exclusive currency.
Based on the data from last October, the general Bonfida price prediction sentiment is bearish, with five technical analysis indicators indicating bullish signals and 21 bearish signaling signals.
On the 1D timeframe, the price action of $FIDA/USDT lies above the horizontal support zone. Hence, a bounce is expected from here.
Bancor (BNT) Price Analysis
Bancor is an exciting blockchain protocol that allows users to convert different virtual currencies in seconds rather than exchanging them on cryptocurrency exchanges.
When you trade on the Bancor platform, a small transaction fee is charged that goes toward liquidity providers.
In addition, smart contracts handle all trades and always fetch current prices when people are trading, so you get the most accurate price conversion.
Despite Bancor’s risk of going down, the cryptocurrency can increase in value. This is due to its well-designed tokenomics, active community, and solid team backing the project.
In the 1D timeframe, the price action of $BNT/USDT bounces from the horizontal support zone of the descending triangle. Currently, it is moving below the resistance trendline. Therefore, we have to wait for a successful breakout or breakdown.
Kyber Network Crystal (KNC) Price Analysis
The Kyber Network is a decentralized protocol for exchanging tokens that run on top of another blockchain (e.g., Ethereum). It has allowed users to trade any token without needing a centralized third party.
Kyber Network can be used or incorporated into decentralized applications & wallets, and it is particularly secure because of the blockchain’s security.
According to Experts, KNC price predictions for 2022 are estimated to be US$2.50 on average. This figure is expected to increase to US$3.64 in 2025 and $5.54 in 2028.
In the 2H timeframe, the price action of $KNC/USDT has broken the descending channel resistance trendline.
Currently, the price is testing out above the trendline. If it is tested successfully, then it can go upwards.
On-demand analysis on $MKR or any other coin can join our Telegram channel anytime.
Closing Thoughts
Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.
