1inch, Celsius (CEL) and PancakeSwap (CAKE) rally as traders return to DeFi

Friday 09 April 2021, 6:03 AM AEST - 2 weeks ago

Bitcoins (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts. Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly.

According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 and 350 days following a supply halving. Currently, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout.

33207896-25f4-4157-a2e3-b4b36d394bde.pngCrypto market data daily view. Source: Coin360

An encouraging sign from this most recent market-wide sell-off is traders are viewing this as an opportunity to buy rather than panicking. This suggests that the sentiment remains bullish. Data from Glassnode shows that $476 million worth of stablecoins were deposited to exchanges, possibly with the intent to buy the dip.

While Bitcoins next move hangs in flux, several altcoins have been trending upward. Lets have a look at three tokens that could outperform the markets in the short term.

1INCH/USDT

The decentralized finance boom has produced a nearly uncountable number of projects and for investors, it can be difficult to check each one before jumping in.

This is where a DEX aggregator like 1inch (1INCH) comes in handy because the platform sources the lowest available swap (transaction costs) for investors. The team claims that the third iteration of its Aggregation Protocol has made it cheaper to use 1inch when compared to using Uniswap or 0x directly.

The protocols expansion to Binance Smart Chain on Feb. 25 was another positive as it r ...

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