Top 5 Potential DeFi Coins For October – Bitcoin Magazine

In this article we will analyze 5 DeFi-Coins that showed interesting developments in October.

AAVE

Aave is a primarily liquidity focused DeFi protocol that enables users to become depositors or borrowers. Depositors earn income in the form of interest, while borrowers borrow assets to use.

The Aave Protocol offers a wide variety of features, one of the most interesting of which is Flash Loans. Flash loans allow users to borrow assets with no collateral as long as they repay them in a block transaction.

The platform’s native token, AAVE, is used to vote on improvements to the protocol.

The Global Cryptocurrency Conference Token 2049 will take place in London from October 7th to 8th. During this conference, Aave CEO Stani Kulechov was one of the keynote speakers.

AAVE has been trading in a descending expanding wedge since September 7th. This is commonly viewed as a bullish pattern.

In addition, there is a bullish divergence between RSI and MACD which creates a higher impulse bar.

The next resistance is at $ 375. This is the 0.618 fib retracement resistance and resistance line of the channel.

AAVE price chart | Source: Tradingview

SNX

Synthetix is ​​a DeFi protocol that allows users to chain a wide variety of assets. The platform uses synthetic assets (Synths) to solve the slippage and liquidity problems that are common on decentralized exchanges (DEXs).

Additionally, attendees can earn rewards by providing collateral for the log or staking out SNX, the platform’s native token.

The purpose of the platform is to bring inactive assets on the blockchain into the crypto space, thus providing access to the wider financial market.

Synthetix CEO Kain Warwick will also be one of the keynote speakers at the Token 2049 conference.

The SNX broke from the rising (dashed) support line and the collapse was supported by the bearish MACD and RSI.

However, it does follow a descending support line that coincides with the horizontal support area of ​​$ 9.

SNX Price Chart | Source: Tradingview

OGN

Origin Protocol’s mission is to create a decentralized marketplace for the exchange of services and goods. This is intended to bring both NFT and DeFi to the common market.

The platform solves the main problems of the current markets by offering:

• Lower fees
• Better incentive
• Increase accessibility

Origin Protocol has over 800 investors, while the native OGN token is held by more than 37,000 addresses. These holders are regularly rewarded based on the profitability of the network. In addition, tokens are used for voting rights that change the platform.

On October 1st, OGN holders will also be rewarded with 4 NFTs distributed through a partnership with CREAM Finance.

OGN has been trading in the range of $ 0.58 to $ 1.4 since May, the price was opposed by the resistance zone on September 6th and has been moving down since then.

However, OGN is following a descending support line and will soon encounter the horizontal support area mentioned above. In addition, the MACD has created a higher impulse bar so the price could recover soon.

OGN Price Chart | Source: Tradingview

BEL

Bella Protocol is a platform that provides banking services to cryptocurrency users. It creates various DeFi products to make such services easier and more accessible to the masses.

In addition to providing the service with no gas charges, the protocol also offers the best return on investment on the market. The platform’s native token is BEL.

Bella was founded in September 2020 and has many partnerships, particularly with Arrington XRP Capital and Binance.

The platform offers 3 main products including:

• 1-click Bella
• Bella Flex savings
• Bella loan

The international Synopsis summit will take place in Shanghai from October 11th to 15th. Here Felix Xu, CEO of Bella Protocol, will be one of the keynote speakers.

The BEL price has gone down since 4/9. It broke ascending support line on September 20th and is approaching the $ 1.3 support area created by 0.786 Fib retracement support. MACD and RSI are starting to show a bullish signal.

BEL price table | Source: Tradingview

RPL

Rocket Pool is a protocol that enables users to make profits by using ETH. The process is done through tokenized staking, and users who have the option to run their own nodes make higher profits.

The new mainnet will start on October 6th. The mainnet is provided in 4 levels, each of which limits the number of mini pools and the total size of the deposit pool for ETH. The fourth and final phase will allow an unlimited mini pool and up to 5,000 ETH in the deposit pool.

The RPL / ETH pair just broke out and has moved above the 0.01 ETH resistance area.

RPL Price Chart | Source: Tradingview

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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