This article will take a look at five cryptocurrencies in the decentralized finance (DeFi) sector. 

These DeFi tokens have interesting developments lined up for the month of May, which could also have a positive effect on their price.

Swipe is a platform that aims to connect the fiat and cryptocurrency worlds. It does this by offering three products:  

On April 29, more than $200 million worth of SXP were burned, in the largest burn in history. This was done in order to benefit the SXP token holders by making the token a more scarce asset. Therefore, the burn has eliminated around 17.5% of the supply, approaching the end goal of 100 million SXP in circulation.

SXP has just broken out from a descending resistance line that had previously been in place since April 10. In addition, it has reclaimed the $4.20 area, which is now expected to act as support. As a result, in the longer-term, it could gradually increase towards $10.

Uniswap is one of the main exchanges in which DeFi tokens are traded. UNI is the native token of this exchange.

1 Billion UNI have been mined in its inception date, and will be allocated over a four year period. Consequently, UNI holders have various governance perks, which are based on the percentage of the total supply of UNI they own.

Uniswap v3 will be released on May 5. It will introduce numerous new features, the main ones being: 

Concentrated liquidity will allow providers to provide liquidity to a select price range of their choosing. In turn, this will allow them to earn the same amount in fees with significantly less capital.

The multiple fee tiers will allow them to chose between 5, 30 and 100 bps.

UNI has been increasing since April 18. It managed to reach a new all-time high price on April 27, and so far has reached a high of $44. In addition, technical indicators are bullish, supporting the continuation of the upward movement.

The next resistance levels are found at $47.3 and $60.

REN is an open protocol that aims to provide liquidity between separate blockchain platforms. It launched RenVM, its mainnet, on May 2020.  The native token, REN, serves to power the nodes which run RenVM.

RenVM is a network of virtual computers which assists decentralized applications in numerous ways. It does this by offering cross-chain lending, collateralization, and exchanges. The RenVM upgrade to version 0.4.0 will run from May 3 to May 9.

As for its price movement, REN is trading in the lower portion of a descending parallel channel. This is often a corrective movement. However, it has not shown any clear bullish reversal signs, despite the bullish divergence in the MACD.

Currently, it is attempting to reclaim the 0.618 Fib retracement level at $0.82.

Orion is a protocol that aims to include each centralized & decentralized exchange along with swap pools into one single decentralized platform. It is powered by the native DeFi token, ORN.

The protocol has announced Main Net pre-staking, in order to increase rewards for stakers.

There will be two main forms of staking:

ORN has bounced at the $11.20 support area, and is showing some bullish reversal signs. This is evidenced by the bullish cross in the Stochastic oscillator. 

However, it has yet to break out from a descending resistance line, which has been in place since the Feb. highs.

TrustSwap is a distributed platform, that wants to revolutionize the DeFi sector. It aims to do this by providing various functionalities such as 

It will initiate six new launchpads next month, aiming to provide early stage entry to SWAP stakers.

SWAP is currently making its fifth breakout attempt above the all-time high $4.65 resistance area. If successful, it would likely increase to a new all-time high price of $6.67.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

The post Top 5 DeFi Coins for May — SXP, UNI, REN, ORN, SWAP appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

260 +