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LEND, YFI and ALGO DeFi Price Analysis for September 10

Which DeFi token among Aave (LEND), yearn.finance (YFI), and Algorand (ALGO) will enter the correction phase faster than the others?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market has slightly shifted to green, as most of the Top 10 coins are under bearish influence. However, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are exceptions to the rule as they are still in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key statistics for Aave (LEND), yearn.finance (YFI), and Algorand (ALGO) today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Aave 

Lend

$872,955,512 $0.671504 $199,472,887 23.25%

yearn.finance

YFI

$875,580,412 $29,217.78 $502,901,887 29.74%

Algorand

ALGO

$438,399,606 $0.414167 $287,028,050 20.02%

LEND/USD

Aave (LEND) is one of the fastest growing coins today. The price of the DeFi token has rocketed by 23% just over the last 24 hours.

LEND/USD chart by TradingView
LEND/USD chart by TradingView

On the daily chart, Aave (LEND) is likely to face a correction after a failed attempt to fix above the $0.70 mark. The falling channel has not been broken, which made bears more powerful. In addition, the trading volume is declining, and the RSI indicator has formed a bearish divergence. All in all, sellers may get the rate of LEND to the nearest support at $0.4950, where buyers might show some resistance.

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LEND is trading at $0.6642 at press time.

YFI/USD

Yearn.finance is the biggest gainer on our list. The price of the most valuable DeFi token has increased by almost 30% since yesterday.

YFI/USD chart by TradingView
YFI/USD chart by TradingView

Yearn.finance (YFI) is also likely to face a correction soon. Buyers are losing their battle to keep the rate of the token at the current price as the trading volume keeps going down.

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There is a high concentration of liquidity in the area below $25,000. Furthermore, the lines of the MACD indicator is about to change to red, which will confirm the bears' presence. In this case, the drop may last until sellers reach the support area at around $23,600.

YFI is trading at $29,234 at press time.

ALGO/USD

The rate of Algorand (ALGO) has risen the least compared to other DeFi tokens on our list. It has grown 20% over the previous day.

ALGO/USD chart by TradingView
ALGO/USD chart by TradingView

Algorand (ALGO) is not an exception to the rule, and a decline is the most likely scenario. Also, it is confirmed by the lines of the Bollinger Bands indicator that are moving downward. However, before the drop, the token might make a retest of the resistance at $0.4920. In case the price fixes above that mark, the bearish scenario will be cancelled.

ALGO is trading at $0.4206 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com