NewsPrice Analysis

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

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Highlights

    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.

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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. Yearn.finance (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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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.

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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