COMP, YFI, and UNI Token Plunge! Buy Dip Before ETH 2.0 Launch
The crypto market is bleeding red again. Top currencies like BTC, ETH, XRP have seen a slight decrease in their prices. However, few currencies are standing strong and have a steady growth rate.
Talking about Defi tokens, the prices of top decentralized finance (DeFi) tokens have declined significantly over the last month with few exceptions.
Today , DeFi prices have sunk following an extended sell-off, with most of the tokens trading as much as 10% down from their peaks.
Currently COMP, YFI and UNISWAP token price have plunged. Let’s us peel the technicals layers of each defi token.
Compound – COMP Price Analysis
After sailing calmy for days, COMP token price is back into rough waters.
Technically, the Compound token seemed hovering below a resistance level at $127.63 that coincided with the 23.6% Fibonacci level of the retracement graph from a swing high of $261.71 to a swing low of $86.21.
In the last 30 days, the COMP price reached $127 many times to break bullish. But failed to maintain the resistance. On Oct 28th, COMP’s explosive move towards support level met with extremely high selling pressure.
Thus, it became vital for COMP to invalidate $127 as its temporary resistance level to shift its primary upside target towards $153.25 at the 38.2% Fibonacci line. Otherwise, the token risked crashing back to its sessional low of $86.63 with an additional bearish sentiment below the level.
Yearn Finance – YFI Price Analysis
Since a few weeks, Yearn.finance’s YFI token has been facing a massive selloff, with its bulls unable to reach any momentum.
At the time of writing, Yearn.finance’s YFI governance token is trading down over 11% at its current price of $11,518.52. This is one of the lowest prices the cryptocurrency has seen in the time since it set its $45,000 peak a couple of months ago.
There have been multiple factors contributing to this weakness, including the DeFi downturn, less value being captured by the YFI token due to decreased yields on Curve, and a fragmented community.
Uniswap – UNI Token Price Analysis
At present UNI token is trading at $2.57 USD with 5% loss. According to coinmarket cap , the UNISWAP token is ranking at 34th position with $277,683,625 USD 24- hour Volume.
After bouncing off support at $2.5, UNI/USD is fighting to rise above the channel’s middle boundary.
The Relative Strength Index (RSI) gives credibility to the potential upswing following a change in its direction slightly above the oversold area.
The Moving Average Convergence Divergence (MACD) shows that buyers are in control. If gains above $3.0 come into the picture, UniSwap will likely shift the focus to $3.5.
Overall, it would be interesting to see how the tables turn. As Ethereum 2.0 is all set to launch on November 6th, we might see a Defi trend to start over again. Many analysts Predict that the ethereum based Defi Tokens can experience a massive bull run!
So, is this the perfect time to buy defi tokens ? share your views!
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