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NewsPrice Analysis

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

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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Dare Shonubi

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

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