Top 3 Defi Tokens to Buy in May 2022: RUNE, LINK, CAKE

There are a lot of Defi tokens that have been doing well in the market recently, but there are also some that are undervalued and could be great buys in May. These tokens are not only profitable but also have a good reputation. So here are the top 3 Defi tokens to buy in May 2022.

THORChain (RUNE)

ThoreChain is a new blockchain created exclusively for crosspoint trading with the Cosmos SDK. This gives it a variety of advantages that make it better suited for our purposes than others. THORChain has many benefits which make it great for investors and those who wish to make quick trades. While the data of transactions remains untraceable, this is just one reason to stay stuck as a die-hard fan. 

RUNE is currently priced at $6.33 and ranks #44 on CoinMarketCap. RUNE has a supply of 334,937,975 coins with a market cap of 2 billion dollars.

In the 1D timeframe, the price action of $RUNE/USDT was trading in a downtrend and formed a descending triangle chart pattern. RUNE is moving inside the triangle we have to wait for breakout or breakdown.

Rune Monthly Charts
Rune Monthly Charts

Chainlink (LINK)

Chainlink uses blockchain technology to secure computations on- and off-chain, so enterprises can use hybrid smart contracts. They can also interact with major blockchains including Ethereum, Solana and Terra. Chainlink’s current price is several thousand times higher than its original ICO. It has been one of the most successful crypto coins to date.

LINK is currently priced at $10.74 and ranks #27 on CoinMarketCap. LINK has a supply of 1,000,000,000 coins with a market cap of 5 billion dollars.

On a 1-week timeframe, the price action of $LINK/USDT formed out a Descending Triangle pattern where it broke down the horizontal support level and is currently retesting the candle that’s still pending.

Link Monthly Charts
Link Monthly Charts

PancakeSwap (CAKE)

PancakeSwap is a decentralized platform for the trading of tokens. All trades are completed via smart contracts so that no one individual person or company is required as a middleman. PancakeSwap is completely anonymous, but it has been put through an audit by Certik and Slowmist. CAKE is a great investment opportunity for investors.

CAKE is currently priced at $7.51 and ranks #43 on CoinMarketCap. CAKE has a supply of infinite coins with a market cap of 2.2 billion dollars.

On the 1-day timeframe, $CAKE/USDT formed a bearish double top chart pattern. Currently, it is trading at the horizontal support we have and waiting for it to break down. If this happens successfully then we could see a sharp downward movement coming soon.

Cake Monthly Charts
Cake Monthly Charts

Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about 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.

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Pratyaksh