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defi darlings yearn.finance chainlink binance coin crypto

DeFi Darlings Chainlink, Binance Coin, Yearn.Finance Plunge Over 10%

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency Market News, Technical analysis
Reading Time: 3 mins read

Bitcoin is surging but the rest of the crypto space isn’t following its lead this time around. Instead, many of the DeFi darlings that led the last bullish impulse, have fallen 10% or more in the last 24 hours. What’s going on with the previously parabolic Chainlink, Yearn.Finance, and Binance Coin? Here’s the good, the bad, and the ugly when it comes to these DeFi tokens and their short-term fate.

The Good: Yearn.Finance Ready To Fly If Footing Can Be Found

Yearn.Finance is one of those magical success stories that comes one only every so often in the crypto market. The asset launched sub-$5,000 but has since more than doubled Bitcoin’s peak price of $20,000.

Related Reading | Binance Coin (BNB) Sees Parabolic Rise as Popularity of Binance Chain Grows

Today, it remains far more expensive than the top cryptocurrency, and while BTC did absorb capital from the 10% YFI drop, support is currently holding – both horizontally and at the middle Bollinger Band. Holding here could send Yearn.Finance back to retest highs and then some.

yfiusd yearn.finance

Yearn.Finance Daily 10% Drop To Support & Bollinger Bands | Source: TradingView

The Bad: Binance Coin Holding Support, But Reversal Signal Storm Cloud Hangs

Binance Coin appears to be at an impasse, where bulls are putting up a fight but bears just dealt a potentially deadly blow.

Related Reading | Chainlink Monthly Finish Flashes Grand Finale Sell Signals

An evening star pattern may have formed at the top of the recent uptrend – which would be a strong reversal signal. However, support from the February 2020 high in Binance Coin is currently holding up well, despite the 10% intraday drop and potential rejection.

bnbusd binance coin

Binance Coin Daily 10% Drop To Support & Evening Star | Source: TradingView

The Ugly: Chainlink Trend Turns Bearish On Daily Timeframes, Trend Line At Risk

Chainlink’s chances of holding up are less likely, according to the Average Directional Index. The tool successfully marked when LINKUSD’s bullish impulse kicked into high gear, and then again when it surprised everyone and went even further upward. Now its flipped bearish and the trend is strengthening.

Related Reading | Yearn.Finance Reclaims Support Post Coinbase Listing, New All-Time Highs In Sight

Several supports have also been lost on the way back down, and all that remains is an uptrend line that’s in grave danger of leaving Chainlink exposed to a deeper correction.

linkusd chainlink

Chainlink Daily 10% Drop Below Support & Average Directional Index | Source: TradingView

As for what’s driving the bearish sell pressure on these tokens – Chainlink, Yearn.Finance, and Binance Coin – could be a number of factors. For one, sentiment surrounding the swap craze has turned extremely negative and investors could be less blinded now that the bubble is bursting.

Or perhaps Bitcoin holding support at $10,000 has prompted profit-taking from altcoins back into BTC. Bitcoin dominance could potentially be bottoming, and the recent bleed from these DeFi darlings could just be the start of the carnage to come.

Featured image from DepositPhotos, Charts from TradingView
Tags: altcoinBinance CoinbitcoinbnbbtcBNBUSDbnbusdtbtcbtcusdBTCUSDTchainlinkcryptoDeFiLINKBTCLINKUSDlinkusdtxbtxbtusdyfiyfibtcyfiusdyfiusdt
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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