Defi Market Turns Bearish LEND Sinks By 15%, YFI 14%, UMA 13%October 7, 2020
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.
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.
- 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.
- 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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