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Defi Tokens Plunge: Sushi 13%, UNI 12.6%, SNX 9%

coinpedia.org 07 October 2020 10:50, UTC
Reading time: ~3 m

Bitcoin surpassed the $10,700 properly and has now moved briskly towards the $10,800 level. This drastic price action, ultimately, has driven the crypto markets partly towards ruins within the past 24 hours. As of today, even the very bests of Defi tokens are seen to be nurturing a common unprecedented downtrend.

Ethereum, like Bitcoin, also tried a short bull tantrum. It broke the long-held resistance at $350 but not yet properly. This marked the beginning of an uptrend in which the top cryptocurrency has now risen fairly towards the $355 level as many other altcoins nurture a downtrend.

#1. SushiSwap (SUSHI 13% Loss):

SUSHI makes the top spot on today’s list of top losers. This price movement has remained since earlier September when around $2 million worth of the tokens were reportedly dumped by its founder.

Presently, the market sentiment towards SUSHI is still cautious. With around 75% discouragement, traders believe the tokens may soon plunge into another bear market.

The token is only about a month old and has made around 40% loss since last week. The 2-week timeframe is also bearish with around 47% loss.

SUSHI is now changing hands at $0.76 amid a market cap hovering around $77.6 million.

Technical Points

  • SUSHI failed to hold the support at $0.8 and is now testing the next support level at $0.75
  • Next level of major support lies at $0.75
  • Next key resistance level at 0.8

#2. Uniswap (UNI 12.7% Loss):

After UNI tokens were airdropped to thousands of users, the coins recorded its first major weekly loss for the first time. While this caused great panic among crypto enthusiasts lately, the coin seems to have caught a deep bearish signal.

UNI coin has lost around 13% since yesterday. The defi coin has an uncertain market sentiment among mixed reactions between traders. 

In the 24-hour timeline, the coin is down by almost 13% but a bullish possibility seems to be intact. The 14-day timeframe looks bearish as well. The coin is down roughly 30% in the last 2 weeks.

Technical Points

  • General price trend is bearish
  • Major price support is set at $3.0
  • Next level of possible resistance lies at $3.3

At the time of writing this piece, UNI is trading at $3.08. Its market cap is hovering around $561 million.

#3. Synthetix Network Token (SNX 9.68% Loss):

SNX grabs third place in this wave of top losers’ list. The coin lost around 10%.

SNX obtained some loss occasionally within the month. The coin dipped by 12.5% within the last 30 days. In the 14-day timeframe, however, SNX gained roughly 8% and still gained approximately 710% within the last year.

Technical Points

Prices plunged through the $4.8, $4.5 and $4.0 levels comfortably. Building a string of weak support at 4.0, SNX plunged through $3.9 level. With the immediate support at $3.9 the next key support lies at $3.80

  • Next key support at $3.80
  • Next key resistance at $4.0
  • RSI broke through the 70.0 level upwards. A little retracement to 50.0 is imminent.
Price Analysis

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