NewsPrice Analysis

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

Highlights

    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.

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

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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