With its strong growth, BarnBridge (BOND) has surprised many crypto traders. This token rallied up to 800% to hit $20 on July 26, just a month after bottoming out at $2.19. The world’s top crypto coins like Bitcoin (BTC) and Ether (ETH), meanwhile, have only increased by 18% and 54% respectively during the same time period.
BarnBridge is a cross-chain risk management protocol that provides a suite of composable DeFi products for investors to hedge against interest rate and price fluctuations. One of the most outstanding products of this protocol is SMART Yield, which allows investors to secure fixed rate yields from debt pools of other projects such as Aave, Compound, Cream or Yearn.finance,etc.
BOND serves as a governance token for Ethereum-based DAO representing BarnBridge. The latest BOND price pump, on the surface, seems to reflect the great interest of investors and agencies in a risk management protocol like BarnBridge, especially when many DeFi projects have failed. But, if we look at its trading volume, it can be seen that BOND’s profits appear mainly speculative.
More than 50% of BOND volumes in the last 2 hours originated from the Binance exchange. At the same time, the intraday BOND/USD trading pair has shown signs of bearishness. The divergence between price and volume shows suggests some investors were behind this price pump, increasing the chances of a sharp price correction in the near future.
BOND is currently trending down after testing $24 and could slide to $15.6; down 17.5% from the peak on July 26. A further breakdown could even cause BOND drop to $10.5; 45% lower than current price. Of course this is not the only scenario for BOND. If it recovers above $24, BOND will continue to rise with the next target at $30. A breakout move would take the token to peak at $37.5; 95% increase from current price.
Follow our channels for more crypto news:
- Cryptory Insights: https://t.me/CryptoryInsights
- Cryptory Global Community: https://t.me/CryptoryCommunity
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: https://twitter.com/CryptoryNetwork