Extensive losses prevail as BTC struggles around $10,800 price level. While the top cryptocurrency strives to keep its head above water, many altcoins, particularly Defi tokens, are conceding huge losses.
Leading the struggle among today’s wave of top losers, Sushiswap sinks into a deep mess of 11% daily loss. As this spells doom, others in the Defi space seem to return the favour by recording corresponding losses.
#1. SushiSwap (SUSHI token 11.3% Loss):
As of now, the market sentiment towards SUSHI is very conservative. With around 60% pessimism, traders believe the tokens may soon plunge into another bear market.
The token is only about a month old and has made around 36% loss since last week. The 2-week timeframe is also bearish with around 47% loss.
SUSHI is now changing hands at $0.87 amid a market cap hovering around $87 million.
- SUSHI failed to hold the support at $1.0 and is now testing the next support level at $0.85
- Next level of major support lies at $0.80
#2. Elrond (EGLD 9.2% Loss):
EGLD has a good market belief as 82% of respondents go bullish on Elrond.
Elrond’s price consistently dropped from the $9 area down to around $8.3 early today. Major support lies at $8.0 level. Below this price line, the next level of key support is found at the $7.8 area.
ELGD is currently trading at $8.30 as its market capitalization stems at $114 million.
- Next major support at $8.0
- Next major resistance at $9.0
- Prevailing trend is a downtrend on the lower timeframes.
#3. UMA (UMA 8.8% Loss):
Now barely riding the $7.05 price level, the crypto sank to the 44th rank coin by market capitalization according to Coingecko.
UMA maintains about 55% market pessimism as its market cap shrinks by half to $388 million. In the meanwhile, the coin sinks by around 10% in 24 hours as its exchange volume falls to $19.3 million approximately.
- Price failed key resistance at $$7.5
- The next key resistance lies at $8.0
- Next level of support seems minor at $6.8 level.