DEXs Record Huge Revenues Amid Market Crash!! Top 5 DeFi Protocols to Watch Out For!
The year 2021 is truly the year of Decentralized Exchanges (DEX) and with so many popping off and capturing the market attention. Unlike CEX platforms, DEXs rely on Smart Contracts allowing users to trade Crypto without third-party.
The DEX protocol’s latest price action could be partially described by the SEC’s recent lawsuit against Coinbase. And China banning Cryptocurrency trading resulted in many Chinese users flooding into the growing DeFi ecosystem. Chinese popular CeFi exchanges such as Binance and Huobi scrambled to drop with a huge number of investors switching to DEX DyDx.
DEX platforms continue to be the most cost-effective platforms by revenue generated. Recently, three DeFi protocols recorded over $100 million in annualized revenue. The DYDX protocol alone generated close to $500 annualized revenue last month. And many other protocols including Yearn.finance, MakerDAO generated massive gains with a surge in global DeFi trading volume.
Top 5 DEXs To Watch Out For in 2021!
The smart-contract-based blockchain network Tezos, in September, has regained most of its losses that occurred in the May market crash. The DeFi protocol is trading at $6.57 at the press time with a spike of 11.31% in the last 24 hours.
XTZ price seems to be forming a symmetrical triangle pattern. In the first week of September, the token formed the first bull flag jumping from $3.9 to $6.7. With a slight pullback in mid-September, Tezos surged from $4.5 to $6.6. Hence, with continuing in the symmetrical pattern, XTZ price seems to breakout at $6 for a bigger price hunt in the coming days!
Breakout in a symmetrical pattern could result in a price spike over $8. Failing to do so would result in a huge price dip to well below $5.
In the 4th quarter, Terra Luna may heavily boost its price. Terra price was up 9.90% at $37.90 at the press time. The network has seen a previous major resistance at $33.15. Currently, the asset trades above the area, hence this could be a strong support zone for the future. If the price fails to sustain, the next support area may be at $24.22.
The Serum price has surged by 6.67% in the last 24 hours. The current price of the asset stands at $7.707. The SRM price has the next major resistance level at $9.5, breakout could result in forming a new ATH. If it fails to sustain the present level SRM price has the immediate strong support level at $6.21.
SushiSwap is a fork of the DEX uniswap. The asset secured a gain of 5.43% over the last 24-hours and was trading at $10.44. SUSHI price could find trading at its major resistance of $10.8 and then at $11.5. If the altcoin price breaks at $11.5, then the price could surge above $15. If breakdown the SUSHI price has an immediate support level at $8.9.
Synthetix surged by 6.7% over the last 24 hours, with the altcoin valued at $10.09. The nearest support line was at $9.82, failing to remain above which Synthetix price could trade at a multi-month low of $8.91.
The Relative Strength Index factor was at 55.67, indicating the consolidation phase. This indicated that buy pressure was somewhat more than selling pressure. In the event of buying pressure picking itself up, Synthetix could break resistance first at $11.07.