NewsPrice Analysis

Top DeFi Tokens Losing Value: SUSHI 25%, SNX 17.35%, YFI 14.5%

Author: Dare Shonubi

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

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Extensive losses prevail as BTC struggles around $11,800 price level. While the top cryptocurrency strives to keep its head above water, many altcoins, particularly Defi tokens, are conceding huge losses.

Leading the struggle among today’s first wave of top losers, Sushiswap sinks into a deep mess of 25% daily loss. As this spells doom, others in the Defi space seem to return the favor by recording corresponding losses.

#1. SushiSwap (SUSHI 25.56% Loss):

sushiswap trading

SUSHI makes the top spot on today’s list of top losers. Although, its price, since the last two weeks was dangerously low due to an alleged exit scam purported by its creator. Converting over two million in SUSHI tokens to ETH, the shock left SUSHI’s community in disarray.

As of now, the market sentiment towards SUSHI is very conservative. With around 60% pessimism, traders believe the tokens may soon plunge into another bear market.

The token is only about 3 weeks old and has made around 30% loss since last week. The 2-week timeframe is also bearish with around 80% loss.

SUSHI is now changing hands at $1.70 amid a market cap hovering around $171 million.

Technical Points

  • SUSHI failed to hold the support at $1.8 and is now testing the next support level at $1.70
  • Next level of major support lies at $1.65

#2. (YFI tokens 14.7% Loss):

YFI trading chart

YFI had a shady market grasp within the last 24 hours. In the timeframe described, the coin received around 14.7% loss to balance up a week-long market gain which accumulated to around 60%.

At the time of writing this piece, YFI is trading at $34,442 while plunging towards the $34,000 mark. This is about a 10% difference in the biweekly time frame.

The coin overcame the $34,000 resistance level but failed the next opposition at $35,100. Before midday, FYI tested the price level at $34,500 but failed to break the level properly. It later fell below to build key support at $34,000.

Within the last 30 days, FYI gained around 431% to register a substantial profit amid the top gainer’s cryptocurrencies of the ongoing bull season.

  • Next level of major resistance at $35,000
  • Next level of major support at $32,000
  • RSI has leveled out at the 90.0 level and seems to need a slight retracement.

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

#3. Synthetix Network Token (SNX 17.35% Loss):

SNX trading chart

SNX grabs a third place in this wave of top losers’ list. The coin lost around 17%.

SNX obtained some loss occasionally within the month. The coin dipped by 31% within the last 30 days. In the 14-day timeframe, as well, SNX lost around 38% but still gained roughly 964% within the last year.

Technical Points

Prices plunged through the $5.0, $4.8 and $4.5 level comfortably. Building a string of weak support at 4.4, SNX plunged through $4.5level. With the immediate support at $4.2 the next key support lies at $4.0

  • Next key support at $4.0
  • Next key resistance at $4.5
  • RSI broke through the 70.0 level upwards. A little retracement to 50.0 is imminent.
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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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