Back

LINK, DOT and YFI Price Analysis for September 11

Can any of the DeFi tokens keep up with the growth of yearn.finance (YFI)?

article image
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 switched to red except for Crypto.com Coin (CRO), which is the only crypto from the Top 10 list that is being pressured by bears.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The main data for Chainlink (LINK), yearn.finance (YFI) and Polkadot (DOT) today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Chainlink 

LINK

$4,282,495,583 $12.24 $8,080,396,426 -4.74%

yearn.finance

YFI

$972,639,859 $32,456.57 $682,275,152 8.30%

Polkadot

DOT

$3,763,472,276 $4.41 $706,483,165 -6.53%

LINK/USD

Chainlink (LINK) is the main loser out of the Top 3 cryptocurrencies. The rate of the altcoin has declined by almost 5% over the previous 24 hours.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the 4H time frame, Chainlink (LINK) is facing a correction phase after a drop from $17.80. From the technical point of view, the drop has not finished yet; however, bears need more energy to push the rate deeper.

Ads
Ads

👉 MUST READ LEND, YFI and ALGO DeFi Price Analysis for September 10related article image

The low selling volume confirms that a drop from current prices is unlikely to occur. In this case, one might expect a short-term rise to the liquidity zone at $13.60.

Chainlink is trading at $12.25 at press time.

YFI/USD

Yearn.finance (YFI) is the only gainer from our list. The price of the most expensive cryptocurrency has increased by 8.30% since yesterday.

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

Despite the growth, yearn.finance (YFI) is also about to face a short-correction as bears have seized the initiative based on the low trading volume. Thus, there is a bearish divergence on the RSI indicator, which confirms a possible price decrease. However, one should consider it a correction to grab liquidity for a further rise. To sum up, sellers may get the rate of the token to $29,000 shortly.

YFI is trading at $32.132 at press time.

DOT/USD

Polkadot (DOT) is the main loser today. The price of the altcoin has decreased by 6.53% over the last day.

DOT/USD chart by TradingView
DOT/USD chart by TradingView

Even though Polkadot (DOT) is bearish today, its short-term perspective is bullish. The token has bounced off the support at $3.60 and is currently gaining efforts for a further rise. The high liquidity above supports ongoing growth that may lead the price to the nearest resistance at $4.89 by mid-September.

DOT is trading at $4.44 at press time.

 

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join CryptoComes's channel.

article writer image
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