COTI retests support after reaching ATH – The Most Noteworthy DeFi Coins of November
Bitcoin Magazine will analyze DeFi tokens in November with interesting developments that could have a positive impact on their prices COTI .
- Current price: $ 339.88
- Market Cap: $ 4.483 billion
- Market capitalization: # 42
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 Cosmosverse conference will be held on November 5th and 6th occur in Lisbon. Ajit Tripathi, Head of Business Development for AAVE, will be one of the keynote speakers.
AAVE has been bearish since Aug 17th along with a descending resistance line. On October 27th, AAVE attempted a breakout across this line. However, it failed and produced a long top wick of 27% strength. This is a sign of selling pressure as the outbreak is unsustainable.
As long as AAVE does not cross this line, the trend cannot be considered bullish.
Daily AAVE / USDT Chart | Source: TradingView
- Current price: $ 9.15
- Market Cap: $ 1.388 billion
- Market capitalization: # 92
Secret is a blockchain that focuses on data security. Its users can create privacy-oriented apps.
The native token of the blockchain is SCRT. By using it, users can reduce the cost of using the network. In addition, investors can use tokens to earn rewards and participate in governance-related decisions.
Supernova, the most comprehensive mainnet upgrade to date, will be released on November 9th.
SCRT hit a new all-time high on October 7th. The uptrend has become completely parabolic and generally unsustainable in the long run.
The next resistance range is between $ 13.90 and $ 14.25. This is the external fib retracement level of 1.61 (black) when measuring the previous drop and the outer 2.61 fib retracement level when measuring the last drop (white). The meeting of these two levels increases its strength as a resistance.
Weekly SCRT / USDT Chart | Source: TradingView
- Current price: $ 0.469
- Market Cap: $ 414 million
- Market capitalization: # 185
COTI is a blockchain platform specializing in financial technology. It aims to provide similar services to traditional payment systems, but with better security and lower costs. The platform can process more than 100,000 transactions per second.
The Mainnet 2.0 from COTI will debut Full at the end of the month.
COTI has risen along with the ascending support line since July 20th. This resulted in an all-time high of $ 0.68 on September 29th.
Although COTI has fallen since making new highs, it is likely to confirm the USD 0.48 area and the uptrend line as support (green symbol). This would be a very positive development and would often lead to a continuation of the upward trend.
As long as COTI holds this level, the trend is therefore bullish.
COTI / USDT daily chart | Source: TradingView
- Current price: $ 309.46
- Market Cap: $ 1.89 billion
- Market capitalization: # 76
Similar to Aave, Compound is a decentralized credit protocol. By depositing tokens in pools provided by the platform, users can accumulate interest.
The native token is COMP, which is mainly used for governance matters.
During the Ripple Swell conference occur From November 9th to 10th, Compound founder Robert Leshner will be one of the keynote speakers.
COMP has been trading on a descending parallel channel since July 6th.
It has held above the USD 305 support area and the channel’s support line since early October.
Despite the lack of bullish signs, this is strong support that could help the COMP rally in the short term.
COMP / USDT daily chart | Source: TradingView
Axie Infinity (AXS)
- Current price: $ 122.64
- Market Cap: $ 7.53 billion
- Market capitalization: # 27
Axie Infinity is an NFT game that runs on the blockchain platform. It is turn-based and allows the player to collect, upgrade, trade, and fight NFT creatures known as “axes”.
The game’s governance token is AXS, which is used in both governance voting and staking.
NFT.NYC, the annual NFT token event taking place November 1-4, will be a keynote speaker from Jeffrey Zirlin, co-founder of Axie Infinity.
AXS has been trading within a symmetrical triangle since hitting an all-time high on October 4th. While the symmetrical triangle is generally considered a neutral pattern, it follows an upward movement. Therefore, a breakout above the pattern would be the most likely scenario.
The first Fib resistance area is at $ 186.50 and the second is at $ 227.50. These levels are found by projecting the length of the previous upward movement.
AXS / USDT 6-hour 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.
According to Beincrypto