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Defi Tokens Sushi, EGLD, UMA Losing Value. Good Opportunity to Buy?


    Defi tokens among top losers today

    Sushi makes top of the list, sheds 11% in price

    EGLD makes list for the first time this week, plunges by 9%

Extensive losses prevail as BTC struggles around $10,800 price level. While the top cryptocurrency strives to keep its head above water, many altcoins, particularly Defi tokens, are conceding huge losses.

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Leading the struggle among today’s wave of top losers, Sushiswap sinks into a deep mess of 11% daily loss. As this spells doom, others in the Defi space seem to return the favour by recording corresponding losses.

#1. SushiSwap (SUSHI token 11.3% Loss):

Sushi chart

SUSHI makes the top spot on today’s list of top losers. This price movement has remained since earlier September when around $2 million worth of the tokens we’re reportedly dumped by its founder. 

As of now, the market sentiment towards SUSHI is very conservative. With around 60% pessimism, traders believe the tokens may soon plunge into another bear market.

The token is only about a month old and has made around 36% loss since last week. The 2-week timeframe is also bearish with around 47% loss.

SUSHI is now changing hands at $0.87 amid a market cap hovering around $87 million.

Technical Points

  • SUSHI failed to hold the support at $1.0 and is now testing the next support level at $0.85
  • Next level of major support lies at $0.80

#2. Elrond (EGLD 9.2% Loss):

ELGD chart

Second on today’s top Defi losers is EGLD. The token has lost around 9% within the last 24 hours as weekly losses hover around 17%.

EGLD has a good market belief as 82% of respondents go bullish on Elrond.

Elrond’s price consistently dropped from the $9 area down to around $8.3 early today. Major support lies at $8.0 level. Below this price line, the next level of key support is found at the $7.8 area.

ELGD is currently trading at $8.30 as its market capitalization stems at $114 million.

Technical Points:

  • Next major support at $8.0
  • Next major resistance at $9.0
  • Prevailing trend is a downtrend on the lower timeframes.

#3. UMA (UMA 8.8% Loss):


UMA failed to rise up the charts over the past 24 hours. 

Now barely riding the $7.05 price level, the crypto sank to the 44th rank coin by market capitalization according to Coingecko.

UMA maintains about 55% market pessimism as its market cap shrinks by half to $388 million. In the meanwhile, the coin sinks by around 10% in 24 hours as its exchange volume falls to $19.3 million approximately.

Technical Points

  • Price failed key resistance at $$7.5
  • The next key resistance lies at $8.0
  • Next level of support seems minor at $6.8 level.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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