DeFi Token Price Analysis: COMP, SNX, and UNI

Godfrey Benjamin   Nov 02, 2020 08:30 3 分钟阅读


While Bitcoin (BTC) continues to climb in value, the price reactions have varied in the top 10 cryptocurrencies and the now prominent Decentralized Finance (DeFi) tokens. Let's take a look at three popular DeFi tokens: Compound (COMP), Synthetix Network Token (SNX), and Uniswap (UNI).

DeFi Price Analysis

COMP Price Analysis

Compound (COMP) has made some moves in recent times that suggests a retracement of the overall downward spree it has been on since September 1, 2020. COMP price is currently $97.18 at Pixel time (GMT+1 07:32 AM) according to Coingecko.

With a trading volume of $20,558,950, the price has surged by 8.3% in the past 24 hours to clear off the 4.3% loss in the past week and part of the 19.3% dip in the past 30 days.

Compound Token Price Chart

Source: TradingView

Per the technicals, the COMP price trend has a neutral 14 day RSI of 54.27 showing an almost balance of the bulls and the bears in the market. With the trend of Compound (COMP) showing a bearish dive, this movement is validated by both the 20-day Moving Average as well as the 60-day Moving Average. Thus COMP price is bearish both in the short and long terms respectively.

SNX Price Analysis

The token of the Synthetix Network remains on the path of loss at the time of writing with a 1.2% dip to its price currently pegged at $2.87. SNX has not seen the best days particularly since it began nose-diving when it recently hit a price of $8.10 back on September 1, 2020.

The loss seen in the price of SNX is not equivalent to the supposed reality of the growing embrace of DeFi offerings. The token has shed 39.4% of its price in the past 30 days and an additional 21.5% in the last 7 days. The technicals are at this time not suggesting a rebound in the price of SNX in the near term.

SNX, USD, Price, Chart

Source: TradingView

SNX price trend has a Chaikin Money Flow (CMF) value of -0.24 indicating the dominance of sellers in the market. The state of the market as revealed by the CMF is confirmed by the Simple Moving Average showing a downtrend in the short term. The next major resistance for SNX is fixed at $3.50, a level way too ambitious for the token at this time.

UNI Price Analysis

Just as in the previous two DeFi token profiled earlier, Uniswap’s UNI shows no promising outlook for a bullish run in the near term. The token is currently trading at $2.36 with a 5% rise in the past 24 hours. The token’s bullish momentum is however very gloomy when taken into account that it has shed over 39.5% in the past 30 days as well as 14.9% in the past 7 days.

UNIUSD-11-02.png

Source: TradingView

As seen on TradingView, the UNI price trend has a Balance of Power value of -0.15, a highlight of a greater selling pressure despite the 24 hour gain.

As seen in the other two tokens, the short term moving average does not promise a near term bullish run for UNI.


Image source: Shutterstock

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