This is how the main DeFi develop in the first half of June – Explica .co

We continue to see the crypto market trying to recover after the recent collapse, and in the DeFi sub-ecosystem we are already beginning to see how the main ones are quite willing to continue growing in this month of June.

The locked value across all decentralized apps is currently $ 85.42 billion, which means it is down about 40% from the all-time high of nearly $ 130 billion reached in early May.

Without a doubt, there is still a long way to go to fully recover the great uptrend that this market brings. However, it does not seem difficult to achieve it.

The strength that the DeFi ecosystem brings promises to continue to gain traction, which in turn would bring greater value locked in the protocols, and consequently a rise in the price of the main tokens.

Total value locked in DeFi. Source: DeBank.

In this first half of June, the DeFi protocols that have led the TOP 3 are: Curve, PancakeSwap and AAVE V2.

Below we find other applications fighting in a very close competition, where the names of Compound, Maker and Uniswap V2 stand out.

Then in the range of applications with less than 4,000 million of blocked value we find: AAVE in its initial version, SushiSwap, Liquidity and Venus.

TOP 10 top DeFi apps in June 2021. Source: DeBank.

Technical analysis of the top 3 DeFi tokens in June

To get a general X-ray of the decentralized applications market, we are going to conduct a technical analysis of the top 3 DeFi tokens, seeking to discover where they are most likely to move next.

1- Curve

At the time of this writing, Curve is trading $ 2.14, accumulating a loss of 4.40% in the last 24 hours. With a market capitalization of $ 770 million, this token is ranked 91st in the cryptocurrency ranking.

This token has recovered quite strongly after the recent collapse, managing to accumulate a gain of more than 100% from the low reached in May.

Right now we see the price of this involved in a small bearish tide, but so far it is meaning a simple correction.

The short-term trend is bullish for Curve, and as long as support at $ 1.98 is not lost, resistance at $ 4.03 is the most likely target to be reached. The scenario is even more positive, because if the behavior continues as it is, new all-time highs should be reached soon.

Otherwise, if the support at $ 1.98 is lost, the next level is at $ 1.58. Lower is the most relevant, located at $ 1.33, which if lost if it would be giving way to a broader fall. However, it is a highly unlikely scenario, due to the strong rejection of bearish intentions near that price.

Token Curve, current leader among the main DeFi. Source: TradingView.

2- CAKE

The governance token of the PancakeSwap platform is one of the most talked about this year, thanks to earnings that exceeded 10,000% in a matter of months.

Today with all and the fall, CAKE is still in good technical condition. Priced at $ 16.18, it has racked up a 5.08% loss in the last 24 hours, but with little determination to continue falling.

Unlike CURVE, the CAKE token has yet to regain its short-term trend. Nonetheless, the continued higher lows show bear depletion, and the most likely so far is to end up breaking higher.

This token must break through the resistance at $ 21.45 to resume its higher trend, which could be meaning the search for new highs.

In case of losing $ 14.50, a less likely scenario, CAKE could go looking for the surrounding area at $ 10.

AAVE vs USDT daily chart. Source: TradingView.

3- AAVE

Despite the still dominant short-term bearish tilt, AAVE is not in too much danger either.

At the time of this writing, the price of this token is $ 295.25, accumulating a loss of 6.34% in the last 24 hours.

Recent losses are still in a sideways range with support at $ 286.39 and resistance at $ 414.57. If it is broken by resistance, there will be no more obstacle until the all-time high, which is close to $ 634.32.

In this case, this token does look a little more prone to losses in the very short term. If you lose the $ 286.39, it would lead to sales down to a low of $ 247.51.

AAVE vs USDT daily chart. Source: TradingView.

All our publications are informative in nature, so in no case should they be followed as investment advice.

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