NewsPrice Analysis

Defi Market Turns Bearish LEND Sinks By 15%, YFI 14%, UMA 13%


    Crypto market continues bearish trend

    Bitcoin fails to break $10,700

    Defi tokens leading on the bearish trend.

The crypto market is flocking with “spoils of war” accrued during the bear markets which began about a week ago. Around 90% of altcoins are seen recording losses which may take a while to recover from. The worst-hit defi token in the last 24 hours is undoubtedly Aave, which seemed to have lost around 15% since the last day.

In today’s version of top market performers, we present a collection of coins which rode the bear trend and raised much concerns. This list will bring to limelight, cryptos with a 24-hour notable loss, which would not be seen anywhere else.

#1. Aave (LEND 15.6% Loss):

LEND continues weekly loss with today’s percentages. Taking a top spot in this category of top losers on today’s list, the coin lost around 16% within the last 24 hours.

LEND accomplished lustrously within the last year with a 8778% profit. The coin made losses last month with 27.7% and has lost around 20% in the last week. The cryptocurrency is down by around 16% in the last 24 hours.

Currently changing hands at $0.42, it occurs the market sentiment is neutral in the short term. 50% of market respondents are bullish while another 50% remain bearish on LEND.

Technical Indicators

LEND/USD flickers bearish with prices tanking below the bottom of the Bollinger Band. There’s an evident price decrease below the Bollinger bottom where prices may dive to the $0.40 level.

  • Next major resistance lies at $0.45
  • Next key support level at $0.40
  • RSI penetrated the 30.0 level and further move downwards seems highly possible.

#2. (YFI tokens 14.2% Loss)

YFI has quite repulsive market traction within the last 24 hours. In the time frame described, the coin lost around 14% to maintain a week-long market loss which accumulated to 37%.

At the time of writing this piece, YFI is changing hands at $15,788, which is about a 36% negative change in the biweekly time frame.

The coin failed the support at $18,000 level and sank through the immediate support at $17,100. Before midday, FYI tested the price level at $17,000 again, but failed to break the level properly. It fell below to build strong support at the $15,000 area.

Within the last 30 days, FYI lost around 34.3% 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 $15,000
  • Immediate resistance level lies at $17,100

#3. UMA (UMA 13.3% Loss):

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

Now barely riding the $6.0 price level, the crypto sank to the 45th rank coin by market capitalization according to Coingecko.

UMA maintains about 55% market pessimism as its market cap shrinks by half to $341 million. In the meanwhile, the coin sinks by around 13% in 24 hours as its exchange volume rises to $20 million approximately.

Technical Points

  • Price failed key resistance at $6.2
  • The next key resistance lies at $6.2
  • Next level of support seems minor at $6.0 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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