Top 5 DeFi Coins For July

Kava.io (KAVA)

• Current Price: $4.28
• Market Cap: $274 Million
• Market Cap Rank: #124

Kava.io is a DeFi lending platform that allows users to earn yield by depositing cryptocurrencies. It offers support to cross-chain assets, making in unique in relation to other lending platforms. Also, users can earn rewards straight from the protocol by running their own staking nodes. The Kava Swap Incentivized Testnet will launch on July 12. It will offer several new features, such as :

• Governance parameters
• Rewards for delegation
• Swap fees

Finally, it will offer deposits, withdrawals and swapping of assets between liquidity pools. Since April 6, KAVA has been decreasing inside a descending parallel channel. Such channels often contain corrective structures. So far, it has made three unsuccessful breakout attempts (red icons) and is currently in the process of making the fourth one. Technical indicators are turning bullish. The RSSI has moved above 50 and the Stochastic oscillator has made a bullish cross. Therefore, an eventual breakout is likely. If so, the next closest resistance would be at $7.25.

Avalanche (AVAX)

• Current Price: $11.60
• Market Cap: $1.994 Billion
• Market Cap Rank: #46

Avalanche is an umbrella platform that is used to launch DeFi applications. In addition to this, it has a use case in trading and setting up financial applications. One of the main aims of the platform is to become a global assets exchange, meaning it would allow anyone to trade and control their assets in a decentralized manner. It launched in Sept. 2020 and the native token is AVAX. The Defi Yield Protocol, which is a yield farming platform, will complete its expansion to Avalanche in July. In addition to this, the USDC stablecoin will come to Avalanche sometime in July. AVAX has been moving downwards since reaching an all-time high price on Feb. 10. It is following a descending support line and potentially trading inside a descending wedge. On June 22, it reached the descending support line, which coincides with the $11.30 horizontal support area. If the token does not bounce at this level, it could drop sharply due to the lack of support below the current price. Technical indicators are showing some bullish signs, such as the bullish divergence in the MACD histogram and impending bullish cross in the Stochastic oscillator.

1inch is a DEX aggregator, which is used to find the best cryptocurrency prices across DEXes. It removes the need to manually check prices, rather sourcing liquidity from exchanges and offering users the best swap rates. It launched in May 2019, created by Sergej Kunz and Anton Bukov. Its native token is 1INCH. The established method to earn tokens is to provide liquidity in the platform and receive tokens in exchange for doing so. A unique feature of 1inch is instant governance, allowing users to vote for specific protocol settings. In the end of June, the Swiss bank Sygnum started offering clients opportunities for investment in several DeFi tokens, including 1INCH. 1INCH bounced above the $2.25 area on May 23 but returned to the area once more in July. It is potentially in the process of creating a double bottom pattern. The pattern has also been combined with significant bullish divergence in the RSI, MACD & Stochastic oscillator. Despite the possibility of a bounce, the trend cannot be considered bullish until the token reclaims the support line from which it broke down from prior (red icon).

The Graph (GRT)

• Current Price: $0.572
• Market Cap: $1.657 Billion
• Market Cap Rank: #53

The Graph is an indexing protocol that powers applications in both the DeFi and Web3 ecosystems. It gathers data and stores in indices, which are called subgraphs. Its main use case is increasing the efficiency of dApps. So far, more than 3,000 subgraphs have installed, used for dApps such as Synthetix, AAVE, Uniswap, Decentraland and others. The graph is also home to a local community, which includes around 2,000 Curators, 200 Indexer nodes and numerous delegators. GRT has been decreasing since reaching an all-time high on Feb. 12. So far, it has reached a low of $0.428, doing so on June 22. The ensuing bounce served to validate the $0.47 area as support. In addition, the RSI & MACD have generated considerable bullish divergence, increasing the likelihood that the token will bounce. If an upward movement ensues, the closest resistance would be at $1.37.