Crypto Market Watch: YAM Finance Takes an Outrageous Plunge, LINK, AMPL, LEND Continues in Gains

In Brief:

  • LINK takes the lead as DeFi tokens rise again
  • AMPL breaks resistance level at $0.80 to the top level
  • LEND adds to a week’s gain with today’s gains
  • YAM finance experiences a staggering 97% fall

Decentralized finance (DeFi) continues to see rapid growth as significant interests have been shown towards it in the crypto community. Throughout the year, decentralized exchanges have experienced an impressive rise in exchange volume. It is also quite difficult to ignore the uprising of several tokens which along the line, have presented different business propositions.

Today, amid many days of bullish markets, LINK, LEND, and AMPL are making constant gains. These coins have seen new highs and their voyage for greater heights is undebatable. Among the top players of the industry includes LINK, which has proven to be the most outstanding crypto since the beginning of the alt season. 

Today’s Top Gainers in the Crypto Market

1. Chainlink (LINK 22.9% Gain): LINK receives the top recognition amidst the top gainers, with a 22.9% gain. This valuable crypto seems to be reporting more gains this time, after having accomplished more than a 50% gain within the last one month.

In the last year, the coin has been up by 555%, and up by around 115% in the last month. Though the coin lost 0.6 earlier in the day, LINK looks positive in the daily timeframe.

Link is currently trading at $17.86, and it’s market cap is fluctuating around $4.0 billion.

Technical Indicators

  • Next major resistance at $20
  • Next major support level at $15
  • Prices may ride down in a possible correction as RSI joined the 70.0 overbought condition.

2. Ampleforth (AMPL 17.4% Gain): AMPL maintains the second position on the list of today’s top gainers with a 17.4% gaining record. AMPL documents this earning as a contribution to the bull run from yesterday and several days of price increase.

As an effect of this massive gain, there has been a buying pressure within the last 24 hours. AMPL’s exchange volume in the last 24 hours is roughly $47 million. Presently, AMPL is trading at $0.619, around a market capitalization of $273 million.

Technical Indicators

AMPL rose with a 17% profit, all the way to $0.85, after breaking the resistance level at $0.80.

  • Next major resistance $0.9
  • Next major support at $0.85
  • RSI approaching overbought condition at 70.0

3. Aave (LEND 11.2% Gain): Also featured in today’s top gainer’s list is LEND with a gaining record of 11.2%. In the last week as well as the past month, the coin gathered earnings up to 35% and 89.4% respectively. Ultimately, the coin has excelled in the past year, having accomplished brilliantly with an increase in profit of about 12,000%. 

The market understanding seems bullish in the short term, as 71% of market respondents are bullish on LEND. On the other hand, however, 29% remain bearish on the coin.

Technical Indicators

There is an obvious price increase above the Bollinger top, indicating that the prices are likely to head to the $0.5 level. With prices climbing above the top of the Bollinger Band, LEND/USD looks bullish.

  • Next major resistance lies at $0.5
  • Next major support level at $0.4
  • RSI moved into the 70.0 level and further move upwards seems highly likely.

Elsewhere, controversial Defi project, YAM Finance, is working out a rescue plan to settle its investors following a recent network collapse. This news came following a flaw detected in the system which has caused a staggering 97% fall in rates for both YAM’s token price and its market capitalization.

At the time of writing, YAM’s market capitalization has taken a downward slide from the usual $475 million to about $19.5 million, in just an hour. YAM, which used to trade at $170 per token, now trades at $0.92.

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