A popular crypto analyst highlights a handful of crypto projects as a niche defies the overall market downtrend.
In a YouTube update, pseudonymous Coin Bureau host Guy recount its 2.08 million followers that decentralized finance (DeFi) is making an impressive comeback.
“Starting with Convex Finance, CVX seems to be rallying due to developments on the decentralized stablecoin front…
Sadly, the recent rise of CVX is barely a hit on the radar, but as DeFi developer Andre Cronje once said, “DeFi tokens aren’t to be bought, they’re to be earned.” His words, not mine.
At the time of writing, Convex finance (CVX) is trading at $5.20. CVX remains up 66.1% from a monthly low of $3.13 on June 18.
The analyst also discusses the interoperability of the Quant Network (QNT) blockchain, which helps developers build decentralized applications (DApps).
“Then we have Quant Network, whose QNT token appears to be rallying thanks to an update to the Overledger, a platform developed by Quant Network that allows DAapps to be created using smart contracts from different blockchains.
Like most altcoins, QNT is well below its all-time high and technicals suggest it won’t go much higher from here. In other words, we’re overdue for a fix, so think twice before monkeying around.
quantum network is down almost 6% in the past 24 hours with an asking price of $80.43. A week ago, QNT was trading at around $60.
Guy then mentions the Aave Lending and Borrowing Protocol (AAVE), a project whose new decentralized and overcollateralized stablecoin GHO he recently discussed long.
“The AAVE token specifically aligns [because of] Aave’s decentralized stablecoin…
As amazing as Aave’s weekly rally may seem, taking a step back you can clearly see that the token remains in a long-term downtrend, although it’s possible we could test the upper boundary of the descending channel in which he has been since last summer.
This could net Aave up to $120 before a rejection.
Aave also gives up some of its recent gains, down 7.59% on the day and valued at $68.60, but still up from the weekly low of $60.15 on July 5.
Guy then draws attention to developments in the decentralized cross-chain liquidity protocol THORChain (RUNE).
“Then there is THORChain, whose RUNE coin has rallied on the news that the developers are creating a DEX [decentralized exchange] aggregator that will allow trading between just about any coin or token just like you would on a centralized exchange, but without KYC [Know Your Customer] or custody of a third party.
It’s a shame that RUNE continues to slump, but based on its past price history, we could see another massive speculative pump in the coming weeks once the DEX aggregation rolls out, as well than the other breakthrough features THORChain is working on.
THOR Chain is down 5.51% and changing hands for $1.99. RUNE flirted with the $2.50 level on July 9 before correcting.
The Coin Bureau host concludes his conversation by assessing the state of the Automated Market Maker (AMM) and DEX Uniswap (UNI).
“Finally, we have Uniswap, which happens to be one of the DEXs that ThorChain is looking to exploit. I actually couldn’t figure out why UNI is rallying, but there’s been a lot of trading volume on Uniswap lately. , which is probably why.
Like most other altcoins, UNI is essentially back to where it was before the bull market. Note that this does not mean that now is a good time to buy, as again, we are still in the midst of a crypto bear market.
Uniswap is in the red 3.24% on the day, priced at $5.63
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