As you know, the favorite investment tools of recent times are DeFi (decentralized finance) tokens. With the decline of Chainlink (LINK), one of the most important DeFi tokens of the last few weeks, some names from the cryptocurrency community have warned that such cryptocurrencies may be balloons. So what has happened with DeFi tokens in the last 24 hours?
Chainlink continues its downward movement, with a decrease of 7% in the last 24 hours, according to CoinMarketCap data. LINK was trading at $ 15.24 at the time of writing. As it is known, before this sudden decline occurred, the leader DeFi token had reached the $ 20 limit. Analyst Namrata Shukla stated that if LINK continues to decline and fails to hold on to $ 9.72, it could see serious drops.
The highest earning DeFi cryptocurrency of the last 24 hours was 0x (ZRX). The cryptocurrency increased by 42 percent to $ 0.795. 0x (ZRX) is known as an open source protocol that provides smart contract infrastructure and liquidity to enable peer-to-peer token exchange on the Ethereum blockchain.
YFI, one of the stars of the DeFi world, was the first altcoin to surpass Bitcoin in terms of price. YFI broke a record, rising to $ 16,000 the day before. Altcoin was trading at $ 14,902 at the time of writing, according to CoinMarketCap data.
Just a few days ago, YFI managed to surpass Bitcoin after its price rose above $ 12,800. Also, according to analysts, the bull run is far from over. YFI reached $ 17,000 on some stock exchanges yesterday. The trading volume continues to increase significantly and there seems to be basically 0 selling pressure right now.
With its sudden rise and falling to 0 after a subsequent error, YAM, which made a voice in the cryptocurrency community, also experienced an increase of 41% in the last 24 hours. YAM was trading at $ 1.52 at the time of writing.
Aave (LEND), which ranks 2nd in the list of top 100 DeFi tokens, has gained 5.95% in the last 24 hours. LEND was trading at $ 0.603 at the time of writing. Aave pulled back from its weekly high of $ 0.6654, according to analyst John Isige. The technical chart appears to be deteriorating rapidly as observed with a sharp drop in the RSI level. Similarly, the MACD emphasizes the bearish situation by expanding the negative divergence. If support at $ 0.60 fails to hold, LEND could easily fall to test support on the ascending trend line.
Synthetix Network Token (SNX)
Synthetix Network Token is one of the declining DeFi tokens. But analysts speak positively for this cryptocurrency. Weiss Ratings predicted that the price of Ethereum-based SNX will triple by the end of 2020. The analytics firm sees advantages over the traditional financial market, low available supply and the emergence of the financial derivatives market as key growth factors.