The last trading week this year was held in the DeFi composite index market in weak growth. Last week intensified sellers in the market and intimidated investors.
However, buyers kept the range of $560-575, which we wrote about in the previous article, thus winning the chance to return its trend.
Trading volumes this week were average. Though, this is the best result on the market in the last month. Despite the fact that buyers are unable to return the trend line under their control, volumes increase as the price of the index increases.
Local correction of growth does not happen at low volumes. These facts show that the new local growth trend is quite strong and has every chance to reach $700.
The global picture in the DeFi composite index market looks quite positive. For more than a month, the index price is corrected after a rapid growth in the period from 5 to 24 November.
This correction takes place in the red channel and buyers do not allow the price to correct growth too low. The three-time tested price range of $560-575 confirms the serious plans of buyers.
At the moment, the worst-case scenario is another test of this range before the start of a new growth momentum. The main scenario in the medium term is a test of $900. Which of the tokens included in the index slows down this process? Let’s find out!
Analysis of tokens which included in the DeFi composite index
Another 1INCH token, which accounts for 4.28% of the total weight, has joined the index family. The trading volumes of this token are in the top 5 among the DeFi projects and amount to almost $232 million.
The 1inch exchange project is the DEX aggregator that offers low commissions to users. A rather promising project should strengthen the position of the DeFI composite index.
As we can see from the table, YFI, TRB, KAVA and SXP behaved the worst during the last week. An interesting fact is that last week these tokens also felt bad in the DeFi space.
This life jacket of this week was UNI, RUNE, LRC and REN. Over the past two weeks, these tokens have shown that they are ready to hold out during the global price collapse and show good results in a good market mood.
The weakness of LINK significantly undermines the DeFI composite index, as the weight of this coin occupies a large share of the index. Let’s see if buyers become more active in the new year!