NewsPrice Analysis

MKR, YFI, LINK Exhibit Bearish Move – Is the Time for Rectification?


    The crypto space surged with good numbers, but some tokens also plunged below.

    Tokens that dipped are expected to retrace soon with competent figures

Crypto space jumped magnificently with the most dominant crypto crossed and maintained above the expected levels. Bitcoin price, unlike the other altcoins, gained 0.12 percent in the last 24-hours and 11.8 percent in the last week. 

Conversely, some DeFi tokens crumbled down which may trigger a positive signals for the investors. The price of MKR, YFI, LINK, etc is expected to enter the correction phase very soon.

link price chart

Chainlink price has plunged with a notable margin that might even pull back below the support levels. As the LINK price is swinging, currently, it can be considered for short-term trading to record sufficient gains.

The LINK price at the press time is $11.80 with a dip of a massive 4.20percent. As Coinpedia reported earlier that LINK price has the potential to rebound in a very small time frame, the correction phase may also begin very soon.

  • The current resistance level is formed at $13.4.
  • The current support level is at $10.9
  • The technical indicators point out at ‘buy’ signal.

Yearn.Finance (YFI) Price

YFI price chart

The YFI price has surged remarkably crossing $15000 in the past couple of days, but with the increased selling, the price plunged down. However, YFI price is known to make some quick corrections in a finite time frame.

The current price of YFI stands at $13,820 with a fall of nearly 4.41 percent at the time of reporting. 

  • The resistance levels presently are formed at $15,423
  • The support levels are formed at $10,965
  • The technical indicators point out for ‘sell’ which indicates dip may continue for some more speculated time.

Maker(MKR) Price

MKR price chart

Maker which had swept the DeFi space a couple of days before has now dipped nearly 3 percent. The MKR price however is expected to fight back to correct itself very soon.

The current price of MKR is $571.40 with a dip of 3.90 percent at the press time. The current trend indicates a good amount of selling taking place in the market. Due to which the MKR price is negatively affected. However, on dilution of the selling pressure, the price may again jump.

  • The current resistance levels are formed at $615.40
  • The current support levels are formed at $556.19
  • The technicals suggest a ‘buy’ signal 

Apart from these tokens, the price of KNC, UMA, AMPL, etc has also dipped miserably where as Bitcoin price is still surging. The whole DeFi space’s volume is currently $3.62 billion which indicates a jump of 3.83 percent of the total crypto market in the last 24-hours.

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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