NewsPrice Analysis

Top DeFi Tokens Losing Value: YFI 11%, LEND 6%, OMG 5%. Good Opportunity to Buy?

Highlights

    YFI leads losses with 11%

    Lend starts off the week with moderate loss

    OMG joins top losers with mild 5% loss.

Amid massive losses recorded within a plunging total crypto market capitalization in the last day, many altcoins are taking the brunt of the market forces. In the last 24 hours, YFI is seen to have led a moderate market plunge with an 11% loss. LEND and OMG, however, are nurturing the common touch with little fewer percentage losses too.

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This version of market watch sheds light on the top market losers of the past 24 hours for investors to consider before diving into investing in their desired cryptocurrencies.

#1. Yearn.finance (YFI tokens 11% Loss):

YFI chart

YFI have quite repulsive market traction within the last 24 hours. Within the last 24 hours, the coin lost around 11% to maintain a week-long market loss which accumulated to 8%.

At the time of writing this piece, YFI is changing hands at $26,067, which is about a 36% negative change in the biweekly time frame.

The coin failed the support at $26,500 level and sank through the immediate support at $26,100. Before midday, FYI tested the price level at $26,200, but failed to break the level properly and fell below to build strong support at $26,000.

Within the last 30 days, FYI lost around 28% to record the most loss amongst the top loser cryptocurrencies of the ongoing bear markets.

Technical Points:

  • General price trend is bearish.
  • Next level of key support lies at $26,000
  • Immediate resistance level lies at $26,500

#2. Aave (LEND 6% Loss):

LEND chart

LEND begins weekly loss with today’s percentages. Taking a top spot in this category of top losers on today’s list, the coin lost almost 10% within the last two days.

LEND accomplished lustrously within the last year with a 12,093% profit. The coin made losses last month with 34% and has gained around 1% in the last one week. The cryptocurrency is down by around 6% in the last 24 hours.

Currently changing hands at $0.52, it occurs the market sentiment is bullish in the short term. 80% of market respondents are bullish while 20% remain bearish on LEND.

Technical Indicators

LEND/USD glares bullish with prices soaring above the lid of the Bollinger Band. There’s an evident price increase above the Bollinger top where prices may head to the $0.65 level.

  • Next major resistance lies at $0.65
  • Next key support level at $0.52
  • RSI penetrated the 70.0 level and further move upwards seems highly possible.

#3. OMG Network (OMG 5% Loss):

OMG chart

OMG made losses consistently within the week but accrued significantly enough to make today’s list.

Around 50% of market respondents are bearish on OMG and it seems the top coin is moving to accepting more losses in the future.

During the last year, OMG gained roughly 393% and has recorded gains in all other time frames but the 24 hours and 30-day. It recorded a 29% loss since last month and lost 5% since yesterday.

The prevailing price of OMG is $3.91 with an average market cap of roughly 547 million. Also, over $450 million of volumes were recorded since yesterday.

Technical Points

  • Next key resistance level lies at $4.0
  • Next major support level at $3.65
  • Prices may have troubles breaking the present price level at $3.65

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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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