Traders return to Defi area; Intense growth of one-inch, Celsius and cake tokens

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Traders return to Defi area; Intense growth of one-inch, Celsius and cake tokens

Market data show that declining fees and rising dividends in swimming pools have once again led investors to invest in DeFi cryptocurrencies. Meanwhile, the digital currencies 1inch, Celsius and PancakeSwap were growing significantly.

According to the Coin Telegraph, the price of bitcoin has been fluctuating in a steady range for some time after falling from 61,000, and this has confused analysts. While some analysts say the market is preparing for a reform, others say it will soon see a resumption of the uptrend.

Ecoinometrics data show that in the past, bitcoin jumped significantly 300 to 350 days after Howing. It is now 329 days since the recent Hawing, and if history wants to repeat itself, we can say that we will soon see an increase in prices.

Many traders see the recent fall in prices as an opportunity to buy and say there is nothing to worry about; This can be considered an encouraging sign. Glassnode data show that $ 476 million of StableCoin has been deposited in exchange offices, and that investors’ intention in entering this amount of capital was to buy at the bottom of the price.

While it is not yet clear if the price of Bitcoin will start to jump or if we will have to wait for the price to fall, the market for some coins is bullish.

1inch
1inch

The rise of the decentralized finance market led to the creation of countless projects and, consequently, the influx of countless investors. This number is so large that not all of them can be examined.

This need led to the emergence of consolidation projects such as 1INCH. The importance of such platforms is that they can find the lowest conversion fee (swap) in exchange offices and show them to investors. One-inch development team says that in the integration protocol version, the fees have been reduced and it is cheaper than using Uniswap and Zero X (0x).

The expansion of 1INCH activity and the use of Bainance Smart Chain (BSC) last month are other positive news about this cryptocurrency. After the addition of One Inch to Bainance Smart China, users were able to take advantage of low network fees. On the other hand, active exchanges on the Binance smart chain are also enabled in the one-inch aggregation protocol.

A few days ago, Vanitch launched liquidity programs in collaboration with ARCx, Ren, Vesper and Opium. All of these factors led to a total of $ 30 billion in one-inch trading volume.

In addition, the Kevin Bass exchange announced on Wednesday that it would support Van Inch. The announcement added to the hot fire in the Oneinch market.

The one-inch price was at $ 3.56 on March 25 and is currently trading in the $ 6 range. Hours ago, buyers had managed to break the $ 6.33 resistance, but the price corrected; This shows that the sellers are defending this resistance.

The 20-day moving average (EMA20) is around $ 4.75 and the Relative Strength Index (RSI) is near the buy saturation range; This means that a further increase in the price of one inch is more likely.

If buyers continue to buy, the uptrend may be stronger. This could increase the likelihood that the price will pass and stabilize above $ 6.33. In this case, the price of one-inch / tetra pair may reach 8.42 as the upward trend continues.

On the other hand, if sellers lower the price to $ 5, the downtrend scenario will be nullified. In this case, there is a possibility of transverse fluctuations in the coming days.

Celsius


Celsius was created with the aim of revolutionizing the banking industry. In this platform, to get some loans, you have to pay 1% interest, which is less than many traditional banks. Low interest rates and high interest rates on deposits have led to the number of Celsius users reaching 500,000. The Celsius team tweeted March 11 that more than $ 10 billion in digital assets are held on the platform.

Celsius
Celsius

In November 2020, Celsius paid more than $ 80 million to its depositors, which reached $ 250 million in February. According to the protocol, the distribution of 80% of the profits among the cryptocurrency community has led to this volume of payments.

Celsius was also selected as the best cryptocurrencies wallet at the 5th Finitech Achievement Awards; An issue that could boost its growth. The Celsius team also plans to release a trial version of its Webapp.

April 2 price was in the range of $ 4.7. The price of this digital currency has reached $ 7.71 today, recording a 64% jump in the last 7 days. Celsius price growth occurred after breaking the resistance line of the symmetrical triangle pattern. According to this pattern, the price may rise to 8.4.

It should not be forgotten that the recent jump has caused the relative strength index to reach above 84, which indicates that this cryptocurrency is in the saturation range of buying. In the event of a fall, there is a chance of reaching the $ 6.8 floor.

If buyers can turn this area into a support, the ground will be prepared for more leaps and bounds. Analysts believe that in this case, the next target will be $ 10.

In the bearish scenario, if the price falls below $ 6.8, one can expect a fall to the 20-day moving average ($ 5.74); Such a fall could disrupt the continuation of the uptrend.

PancakeSwap

The bank interest that accrues on individuals’ accounts is usually so small that most people give it away; The Defi domain and its benefits have attracted people who are not afraid of risk. However, high Ethereum network fees have made it difficult for small investors to pay a small portion of their profits as a fee.

High commissions have led investors to switch to platforms that operate on Blockchains other than Ethereum. PancakeSwap (CAKE) also works on Blockchain Bainance, and this feature has made it a good target for investors.

A new Delphi Digital report shows a correlation between high Ethereum network fees and increased activity on PancakeSwap. In addition, the platform benefits from the effect of Binance Networks, one of the largest cryptocurrency exchanges.

Delphi Digital data shows that $ 6.15 billion is locked in PancakeSwap; It is worth noting that the locked capital in Uniswap is $ 7.4 billion.

Vortex Smart Investment Advisory Platform (VORTECS) simulations also show that you can expect a profit of 1,497% from this cryptocurrency. It should not be forgotten that earning this profit requires a special strategy that is visible only to Vertex users.

PancakeSwap
PancakeSwap

As can be seen in the chart above, on March 22, we saw the arrival of cake tokens in the green range. At the time, the cryptocurrency was priced at $ 10.3. On March 31, the price of the cake went up to $ 19; This means that within 10 days, this cryptocurrency has increased in price by 87.5%.

The cryptocurrency recently reached $ 21 with a 119 percent jump in 19 days. Market buyers are currently looking for a jump to the $ 19 resistance.

If buyers succeed, the price target will be $ 28.5. The 20-day moving average and the relative strength record in the range of 66 show that market control is still in the hands of buyers.

On the other hand, if buyers are not successful in their actions, the price is likely to reach the 20-day moving average and the range of $ 16. Rising prices from these support levels may indicate an upward shift in investors’ attitudes, and this could reinforce the jump.

It should not be forgotten that if the price falls below the 20-day moving average, transverse volatility is likely for a few days.

Traders return to Defi area; Intense growth of one-inch, Celsius and cake tokens

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