NewsPrice Analysis

Top DeFi Tokens losing Value: LEND18%, YFI 17%, LINK 11%

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This week actually marked the onset of what’s thought to be a supposed short bearish trend. As predicted, both bitcoin and many altcoins are sharing the brunt of the market brutality.

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At the moment, BTC is changing hands around $10,700 while ETH seems to have retraced back to the $370 price mark. Amid the ongoing price purging among top cryptos, relatively lower market cap coins like LINK, YFI and LEND are also accruing decent losses.

#1. Aave (LEND 17.5% Loss):

LEND price plung

LEND continues a weekly loss with today’s percentages. Coming third in this category of top losers, the coin is down by almost 18% within the last 24 hours.

LEND accomplished lustrously within the last year with a 8,943% profit. The coin also made losses last month with 8% and has lost around 30% in the last one week. The cryptocurrency is down 17% in the last 24 hours.

Currently trading at $0.496 it appears the market sentiment is bearish in the short term. 40% of market respondents are bearish while 60% remain bullish on LEND.

#2. Yearn.finance (YFI tokens 17.4% Loss):

YFI price plunge

YFI had a rough market grasp within the last 24 hours. In the timeframe described, the coin received around 17.4% loss to balance up a week-long market loss which accumulated to around 40%.

At the time of writing this piece, YFI is trading at $23,442 while plunging towards the $20,000 mark. This is about a 10% difference in the biweekly time frame.

The coin failed at the $28,000 support level and also plunged through the next support level at $26,100. Before midday, FYI tested the price level at $23,000 but failed to break the level properly. It later rose above to test the next resistance at $23,500

Within the last 30 days, FYI gained around 91% to register a substantial profit amid the top gainer’s cryptocurrencies of the ongoing bull season.

  • Next level of major resistance at $23,500
  • Next level of major support at $23,000
  • RSI has leveled out at the 20.0 level and seems to need a slight retracement.

Also Read : Yearn.Finance Price Prediction 2020. Will YFI Price Reach $20,000?

chainlink Price plunge

Also captioned in today’s top losers, we analyze Chainlink.

This precious crypto which has already fulfilled more than 35% loss within the last 30 days is filing some more losses this time around.

The Coin is up by over 390% in the last year but has lost up to 35% within the last month. Further it forfeited 0.2% in the last hour, LINK is also unfavorable in the daily condition.

Technical Indicators

  • Next major resistance at $9.0
  • Next major support level at $$8.50
  • Resistance Strength Index joined the 20.0 oversold condition and may ride prices down in a reasonable continuation.

LINK is trading at $8.9 and its market cap is fluctuating around $3.4 billion.

Also Read : Chainlink Price Prediction 2020 – How High Will LINK Reach?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Dare Shonubi

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

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