DeFi Price Analysis – yearn.finance, Aragon, Compound and ChainLink DeFi Price Analysis – yearn.finance, Aragon, Compound and ChainLink Aug 27, 2020 | Yaz Sheikh –:– YFI increased by a strong 8.45% today to reach $14,680.Aragon managed to increase by a strong 6.70% today as it reached $8.81.COMP climbed by a total of 4.28% to reach $175.92.LINK increased by a small 3.77% today as it hit $15.21.1.yearn.finance Price Analysis What has been going on?
Yearn Finance increased by a total of 15% this past week as the cryptocurrency reached the $14,693 level.The coin had climbed higher prior to this, however, it met resistance at the $16,226 level (1.618 Fib Extension).This resistance had caused the market to roll over earlier last week.
Since rolling over, we can see that support has been found in the short term .382 Fib Retracement at around $14,861.
YFI has truly been on an absolute rampage ever since it came out.In fact, in the last month alone, the cryptocurrency has managed to increase by a strong 383%.YFI price short term prediction: Bullish
YFI is most certainly bullish right now.The coin would need to drop beneath the support at $11,932 before turning neutral and would have to drop further beneath $9,000 to be in danger of turning bearish.
If the sellers do break beneath $14,681, the first level of support lies at $14,150 (.5 Fib Retracement).This is followed by added support at $13,619 (.618 Fib Retracement), $13,000, $12,864 (.786 FIb Retracemnet), and $11,932 (.382 Fib Retracement – green).Where is the resistance toward the upside?
On the other side, if the buyers regroup and push back above $15,000, the first level of strong resistance is expected at $16,266 (1.618 Fib Extension – purple).Above this, resistance lies at $17,000, $17,500 (1.272 FIb Extension), $18,000 (1.414 Fib Extension), and $18,800 (1.618 Fib Extension).2.
Aragon Price Analysis What has been going on?
Aragon has managed to surge by a total of 69% over the past week as the coin reached the $8.76 level.Readers might be confused as to why I chose to include ANT in this DeFi update because, inherently, it is not actually a DeFi coin.
Instead, Aragon can be thought of as the same category as Chainlink.They are both not DeFi coins but contribute heavily to the overall DeFi economy and, therefore, both LINK and ANT are benefiting from this DeFi boom.
Aragon is a DAO creating project.It allows organizations to create groups and vote on specific proposals.It provides an option for DeFi projects to enter into governance without them having to create their own backend for voting mechanisms.
The cryptocurrency had bounced at the $5.00 support earlier in the week as it started to rebound higher from there.
It managed to climb as high as $10.16 today as it reached the 1.272 Fib Extension resistance.It has since rolled over as it dropped to $8.68.ANT price short term prediction: Bullish
Aragon is also bullish, especially after it has managed to rise by a total of 310% over the past month.
It would need to drop beneath $6.00 to turn neutral and further beneath $3.35 to turn bearish.
If the sellers push lower, support is first located at $8.43 (.382 Fib Retracement).This is followed by support at $8.00, $7.70 (.5 Fib Retracement), $7.00 (.618 FIb Retracement), and $6.00 (.786 Fib Retracement).Where is the resistance toward the upside?
On the other side, if the buyers can climb above $10.16 (1.272 Fib Extension), resistance lies at $10.78, $11.22, $11.75, and $12.62.3.Compound Price Analysis What has been going on?
COMP climbed by a total of 4.28% today as the coin reached the $175.50 level.Compound has actually been in a steady decline over the past week or so after the coin reached the resistance at $263 (bearish .886 Fib Retracement) and rolled over.
Throughout the decline, the coin has been trapped beneath a falling trend line but found support at the $160.52 level.COMP price short term prediction: Neutral
With the latest price declines, COMP is now considered to be neutral.It would need to break above the falling trend line and the $200 level before it can turn back into a bullish market.
If COMP continues to drop beneath $150, it could be in danger of turning bearish.
If the sellers do push lower, the first two levels of support lie at $170 and $160.52.Beneath this, additional support lies at $152 (.786 Fib Retracement), $140, $135, and $120.Where is the resistance toward the upside?
On the other side, once the bulls break the falling trend line, resistance lies at $200.
This is followed by resistance at $210, $230, and $238 (bearish .786 Fib Retracement).Above this, resistance is found at $253 (bearish .886 Fib Retracement), $270, and $284 (long term bearish .618 Fib Retracement).4.Chainlink Price Analysis What has been going on?
LINK increased by a small 3.28% this week as the coin reached the $15.20 level.Despite this price increase, LINK has dropped by a total of 8.71% over the past week.
It reached resistance at $20 on the 17th and has been in a steady decline ever since.We can see that support was found at $13.34 (.5 Fib Retracement) as the buyers attempt to defend this location.
Additionally, there is a falling trend line that LINK must overcome to head higher again.LINK price short term prediction: Neutral
LINK also has to be considered as neutral until it can break above the falling trend line It would still need to break beyond $17 before it can start to turn bullish again.Alternatively, it would need to drop beneath $11.61 to turn bearish.
Toward the downside, support lies at $15, $14, $13.34 (.5 Fib Retracement), $13, $12, and $11.61 (.618 Fib Retracemnet).
Where is the resistance toward the upside?
On the other side, if the buyers can break the falling trend line, resistance lies at $16, $17, $17,21, $18, $18,32 $19, $19.70, $20, and $20.10.Tags:.
