Traditional markets are reacting to the lingering economic uncertainty due to the anticipated second wave of COVID-19 which is impacting the crypto market amid the flight to fiat across the board. Top Ethereum-based Altcoins such as LEND plunged as the price of BTC fails to react positively to the $11,000 mark. Aave’s LEND Token is among the top DeFi tokens that have retraced by over 15% in the past 24 hours amid BTC’s weakness. So far, the total market capitalization of all cryptocurrencies has fallen from $348 billion to $322 billion. LEND/USD was unable to hold onto recent gains as it plunged from $0.53 high to register an intraday low of $0.44. After its downslide while in search of strength LEND/USD stabilizes beyond $0.45. The crypto asset is currently no.30 on the Coinmarketcap table, with a market cap of $589 million and $158 million in trade volume over the past 24 hours. At the time of writing LEND/USD is hovering around $0.453. Aave is based on an open-source and non-custodial protocol that allows the creation of money markets while permitting users access to lend and borrow a range of cryptocurrencies using both variable and stable interest rates.
*LEND/USD was unable to hold onto recent gains as it plunged from $0.53 high to register an intraday low of $0.44
*After its downslide while in search of strength LEND/USD stabilizes beyond $0.45
*Aave is based on an open-source and non-custodial protocol that allows the creation of money markets
Key Levels
Resistance Levels: $0.775, $0.650, $0.530
Support levels: $0.430, $0.250, $0.191
LEND/USD Daily ChartOn LEND/USD daily chart, the price has failed to breach the ascending trending line and has rebounded slightly while searching for strength and stabilizing beyond $0.45. LEND is presently sitting below a moderate-to-strong resistance wall at $0.53 before the MA 50 supply zone.
It doesn’t look like the price currently has the traction required to breach the level of $0.53 likewise lacking in momentum required to break past the MA 50 barrier ahead. On the downside, LEND healthy support walls include the horizontal support at $0.43. If LEND experiences intense selling pressure, it may plunge to the MA 200 before it meets healthy support at $0.19.
LEND/USD 4-Hour ChartLEND/USD 4-hour time frame is presently trending in a bearish formation. If the price stays beneath the 4 hour MA 50, it is likely to drop down to $0.43 to fall below the horizontal support zone. LEND is struggling to hold onto its support, as intraday strength in the US dollar index and risk-off sentiment weigh on the cryptocurrency.
The LEND/USD pair needs to anchor price above the $0.53 level to encourage technical buying towards $0.65. To the downside, a breakout under the $0.43 level could see the LEND/USD pair tumbling towards the $0.19 support area. The LEND/USD pair is only bullish while trading above the $0.60 mark, key resistance is found at the $0.65 and the $0.77 levels. If the LEND/USD pair trades below the $0.43 level, sellers may test the $0.25 mark and $0.19 levels.
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