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A new relatively unknown DeFi token called Barn Bridge (hook up) It rose by more than 800% to reach $ 20 on July 26th.
The BOND price surge will come for more than a month after bottoming out at around $ 2.19. By comparison, top coins and bitcoins (BTC) And Ether (ETH) Rebounded by 18% and 54%, respectively, during the same period.
BarnBridge is a cross-chain risk management protocol that provides a set of configurable DeFi products for investors to hedge interest rate and price fluctuations.
Examples include SMART Yield, a product that allows investors to secure fixed interest rate yields from the debt pools of other projects such as Aave, Compound, Cream and Yearn.finance, and SMART Exposure to investors. I have. Tools for rebalancing your portfolio..
BarnBridge’s latest product, SMART Alpha, allows investors to hedge price fluctuations and leverage these bullish ones. BOND, on the other hand, acts as a governance token to the Ethereum-based DAO, which represents Barn Bridge.
On the surface, the latest BOND price pumps are mainly DeFi sector failed.. However, when focusing on trading volume concentration, token profits appear to be largely speculative.
In particular, over 50% of BOND volume has occurred in Binance in the last 24 hours. according to To the data tracked by CoinMarketCap. At the same time, the daily trading activity of the benchmark BOND / USD pair is declining during the price increase, as shown below.
The difference between price and volume suggests that few investors are lagging behind BOND’s price increase and that the likelihood of significant revisions will increase in the coming days or weeks.
Drawing a Fibonacci retracement graph from BOND highs of $ 37.50 to lows of $ 2.18 unleashes a sequence of potential support and resistance levels, as shown in the weekly chart below.
BOND has retreated after testing $ 24 as a provisional resistance and expects to receive an extension revision towards $ 15.60, down 17.5% from the July 26 price. Looking further at the breakdown, there is a risk that the price will fall by $ 10.50, or 45%.
Related: Institutional ETH sentiment becomes positive after 11 weeks of outflow
Conversely, rebounds above $ 24 could result in a $ 30 bond test as the next upward goal. Another breakout move could shift the target to $ 37.50, up 95% from the current price level.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements carry risks. When making a decision, you need to do your own research.
