Do we see an "alt-season" yet? Some of the DeFi blue-chips started to move and so did ETHBTC.
Ethereum / Bitcoin ETHBTC (4h)
The cross started to bounce off the lower end of the downward moving channel. At the same time, the price pushed above the base line (blue line) and stayed there for the entire mini rally. The mini rally pushed us nicely into the Ichimoku cloud, and with today’s last 4h candle push we seemed to go through it. In addition, the cloud turned bullish a few days ago. It is still too early to tell since we have seen the cloud flip-flop a bit over the past few weeks.
Compound COMP (4h)
A bit of macro market colour first. Compound announced a partnership with Circle (USDC) to provide deposit yields in their Compound Treasury solution. This headline sparked a pretty decent rally of over 100% in just two weeks. It is one of the few coins that is “only” about 40% away from ATH.
So far, the rally looks decent with good volumes accompanying the pick up in prices. In the current structure I would accept a pullback towards 425 USD and still be bullish on it.
Aave AAVE (4h)
Very similar macro setup and almost the same chart setup as COMP. AAVE started their AAVE-Pro project, which is tackling a similar business sector to Compound Treasury – the regulated capital wanting to get into DeFi (or at least profit from the high yields in it). AAVE is still a little behind COMP with roughly 50% away from ATH. My guess is prices will pause somewhere in the region of 370 USD, which is a larger liquidity pool.
Copyright © 2021 | Crypto Broker AG | All rights reserved.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.
This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.
Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.