There is no doubt that the crypto market crashed hard in the past months. Since November 2021, most cryptocurrencies are down by an average of 60%. However, most cryptos have already reached a very strong support area. Usually, assets tend to perform well and adjust higher after reaching such zones. Which crypto performed the best during the market rally? Here are our top 3 from the past 7 days 😉
#3 Compound (COMP) +71%
Compound runs on Ethereum and enables users to lend and borrow cryptocurrencies. With the usage of its COMP token, it also gives users a right to participate in its governance. The protocol’s governance token is the cryptocurrency COMP. In the Compound protocol, the predetermined number is routinely communicated to all lenders and borrowers. The distribution of COMP occurs every 15 seconds when an Ethereum block is mined.
The token COMP lost a lot during the crypto crash, reaching a low of around $28. However, when COMP reached this valuation, the crypto market started to recover. COMP managed to gain more than 71% and reached a current price of $50. This level will be a strong resistance. If broken, prices would continue upwards towards $70.
#2 Synthetix (SNX) +86%
Synthetix enables users to circulate and trade synthetic assets, which are representatives of real assets such as cryptocurrencies, fiat currencies, stocks, products, and practically anything that has a price. In this, traders trade on collateral and not any particular opposite party in a contract or business transaction. Traders can also purchase and sell synthetic assets, expected to run by off-chain oracles and they have primary access to derivatives and investable baskets. Like most Defi projects, Synthetix is developed on Ethereum.
After reaching a low price of $1.43, the SNX token started to increase in price alongside the crypto market. SNX breached 2 important price areas: $2.3 and $2.9. It is expected that prices adjust slightly lower towards $2.6, but if the crypto market continues higher, prices should reach the price area around $3.3.
#1 Storj (STORJ) + 104%
Storj is an open-source cloud storage system. In essence, it hosts user data on a decentralized network of nodes. The platform uses cutting-edge encryption to safeguard hosted data as well. A decentralized peer-to-peer encrypted cloud storage platform was intended to be used. The platform started operating in late 2018. Participants in the network must have adequate hard drive space and internet access. They become a node, a component of the network. Storj coins are used to pay space providers.
STORJ tokens reached a low price of $0.33 but soon after pumped heavily towards the current price of $0.9. Some adjustments are expected, bringing prices down to around $0.80. If the crypto market continues to be bullish, the $1 price mark shouldn’t be hard for STORJ.
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