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HomeCrypto NewsThis little-known DeFi crypto token has rallied over 800% in a month

This little-known DeFi crypto token has rallied over 800% in a month


A brand new and comparatively unknown DeFi token referred to as BarnBridge (BOND) has rallied over 800% to succeed in $20 on July 26.

The BOND value surge comes greater than a month after bottoming out at round $2.19. Compared, high cash, Bitcoin (BTC) and Ether (ETH) have solely rebounded by 18% and 54% in the identical interval, respectively.

BOND/USD day by day value chart. Supply: TradingView

One other pump and dump?

BarnBridge is a cross-chain threat administration protocol that provides a collection of composable DeFi merchandise for traders to hedge in opposition to rate of interest fluctuations and value volatility.

Examples embrace SMART Yield — a product that allows traders to safe mounted charge yields from the debt swimming pools of different initiatives corresponding to Aave, Compound, Cream, or Yearn.finance — and SMART Publicity, which affords traders tools to rebalance portfolios.

BarnBridge SMART products explained. Source: Official Website

BarnBridge’s latest product, SMART Alpha, allows investors to hedge against price fluctuations and provides them leverage for bullish theses. Meanwhile, BOND serves as a governance token to the Ethereum-based DAO representing BarnBridge.

On the surface, the latest BOND price pump should reflect a booming interest in risk-trenching protocols, primarily when many projects in the DeFi sector have failed. However the token’s beneficial properties seem largely speculative if one focuses on its buying and selling quantity focus.

Notably, greater than 50% of BOND volumes have originated at Binance up to now 24 hours, according to knowledge tracked by CoinMarketCap. On the similar time, the day by day buying and selling exercise of the benchmark BOND/USD pair has been declining in the course of the value pump, as proven under.

BOND/USD day by day value chart that includes price-volume divergence. Supply: TradingView

The worth-volume divergence means that fewer traders have been behind the BOND value pump, growing the possibilities of a pointy correction within the coming days or even weeks.

Subsequent BOND value targets

Drawing a Fibonacci retracement graph from BOND’s swing excessive of $37.50 to its swing low of $2.18 churns out a sequence of potential assist and resistance ranges, as proven within the weekly chart under.

BOND/USD weekly value chart. Supply: TradingView

BOND has been retreating after testing $24 as its interim resistance, and now anticipates to endure an prolonged correction towards $15.60, down 17.5% from July 26’s value. An extra breakdown dangers crashing the worth to $10.50, or a forty five% decline.

Associated: Institutional ETH sentiment turns positive after 11 weeks of outflows

Conversely, a rebound above $24 might have BOND take a look at $30 as its subsequent upside goal. One other breakout transfer might shift the goal to $37.50, up 95% from present value ranges.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a choice.



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