The DeFi market did not stop surprising us in April. The growth continues to be enormous month after month.
At the time of this writing, the gross value blocked in decentralized applications is $ 106,430 million, a figure that speaks of an incredible growth in this market so far this year. By January 1, 2021, this figure was just $ 22 billion.
If we talk about the growth of the locked value in DeFi during April, we realize that this market started the month at $ 72,000 million, which means that it grew approximately 50%.
When we look at the TOP 10 of decentralized applications, we notice how PancakeSwap managed to consolidate at number 1, thanks to a total locked value of $ 14,300 million.
Below, and with quite a difference, we find the Maker loan protocol, who with a blocking value of $ 9,700 million is in the TOP 2 of the DeFi.
In 3rd place is Compound, another lending platform running on Ethereum, also with $ 9.7 billion of locked value.
Technical analysis of the main DeFi tokens, April 2021
Thanks to a great return of 136% during April, today CAKE is trading at $ 41.06, having marked a new all-time high a few hours ago.
From the weekly CAKE vs BUSD chart we see a solid medium-term uptrend, which is currently building momentum.
When tracing the Fibonacci retracement tool we noticed that the bullish momentum has already reached its target of -61.8%, so it is possible that we will see some correction soon.
However, in the face of such bullish momentum, it is not the time to sit back and wait for falls. In case it happens, it will be just another good opportunity to take advantage of the discount.
The MKR token, which functions as the governance of the Maker protocol, has also performed well in recent weeks, reaching even new all-time highs without major problem.
At the time of this writing, it is trading at $ 4,267.95, accumulating a slight loss of 1.61% in the last 24 hours.
Currently, a mid-term trend boost is developing, and it appears that a correction is about to be given way.
After reaching -61.8% Fibonacci the price is showing exhaustion. A pullback is likely to begin.
Like what was said with CAKE, this is not the time to wait for sales. The trend is bullish, and the best idea is always to surf in your favor.
We closed with the native token of the DeFi Compound platform, which also performed very well during this month of April. At the time of this writing, it stands at $ 710.77, accumulating a gain of 3.99% in the last 24 hours.
This token is currently developing medium-term trend momentum, which has just reached -27% Fibonacci. Momentum is likely to extend and reach $ 840.49.
In the event that we see a drop in the short term, due to the prevailing trend being bullish, we would quickly see buyers regain control.
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