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Market Moves Bearish With BAND -14%, LEND-12%, ZIL – 13% Loss

Highlights

    Bitcoin leads crypto markets into a devastating fall with around 5% loss

    BAND is the top loser today

    LEND is recording losses for the first time in several weeks

There’s a general crypto market plunge seen today. Both bitcoin and many of the altcoins are recording losses to varying magnitude. While it’s safe to assume that Bitcoin might have received its toughest opposition, recently, its however impossible to quantify the magnitude of the effect this may have on other altcoins. 

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YFI, on one hand, may be causing the general plunge. The coin is up by around 30% in the last 24 hours and may continue the movement indefinitely. One narrative is to believe that Yield farmers are selling their bitcoins holding to get into YFI as soon as possible.

This may be the cause of the plunge seen in bitcoin and accordingly, on other altcoins. 

#1. Band Protocol (BAND 14.47% Loss):

BAND is the most disappointing loser on today’s list. With 14.4% loss today, the coin drains its previous gains to around 0% for the previous week.

With around 48% market pessimism, BAND delivers wide bearish signals and may plunge further as a result.

BAND declined the central resistance at the $15 level and has set additional support at $12.5. In the circumstance that a price dip occurs, the next level of minor support lies at $12. Although an upside action is most inclined from here, extra resistance lies up the chart at $13.0 area.

Technical Indicators

  • Next major resistance at $13.0
  • Next major support level at $12
  • Resistance Strength Index returned form the 80.0 overbought condition.

BAND is now trading at $12.5 and its markets are valued at $253 million. 

#2. Aave (LEND 12.19% Loss):

LEND begins weekly loss with today’s percentages. Take a top spot in this category of top losers on today’s list, the coin is down by almost 25% within the last two days.

LEND achieved radiantly within the last year with a 16,286% profit. The coin made earnings last month with 59.6% and has gained around 40.7% in the last one week. The cryptocurrency is down by around 12% in the last 24 hours.

Currently trading at $0.569, it appears the market sentiment is bullish in the short term. 71% of market respondents are bullish while 29% remain bearish on LEND.

#3. Zilliqa (ZIL 13.1% Loss):

Zilliqa also earns a top spot among this wave of leading losers with a 13.1% loss.

Zilliqa’s [ZIL] loss comes amid many weeks of lateral activity which in turn, is launching a bear market within the last 30 hours

ZIL is presently trading at $0.022 with a market capitalization of roughly $248 million. The coin’s exchange volume in the last 24 hours is around $73 million.

Technical Points

ZIL halted the resistance level at $0.025. However, it soon fell below the level. Finally, the coin fell all the way back to $0.022 with a 14.9% weekly loss.

Beyond this level, the following level of key resistance lies at $0.025 where prices have assessed and declined in the past.

  • Next major resistance $0.025
  • Next major support at $0.020
  • RSI at oversold condition at 25.0

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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