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Two Altcoins (LEND & YFI) That Are Consolidating After Sharp Drops

2 mins
Updated by Ryan Smith
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In Brief

  • LEND is approaching long-term support at $0.38.
  • YFI is trading between support and resistance at $3,150 and $4,000, respectively.
  • Short-term technical indicators are bullish.
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After increasing by more than 6000% in less than six months, Aave (LEND) may have begun a lengthy correction. After a sharp drop, DFI.Money (YFI) has broken out from a descending resistance line and is moving towards the closest short-term resistance.

Aave (LEND)

Since the beginning of March, the LEND price was subject to a near parabolic increase that took the price to an all-time high of $0.90 on August 26. The entire rise spanned 168 days and measured a 6361% gain.
LEND Long-Term
LEND Chart By TradingView
Cryptocurrency trader @altcoinsherpa stated that the LEND price is still correcting, but could soon resume its upward movement, after a drop towards $0.035.
LEND Movement
Source: Twitter
The daily chart supports this idea. While the price has deviated below the $0.5 area and reclaimed it, the upward movement has been weak. Technical indicators do not suggest an impending reversal since the Stochastic RSI is falling, and the RSI has met resistance at 50. Therefore, after a possible rally towards the 0.5 Fib level at $0.66, a decline towards the long-term support area at $0.35 would be expected.
LEND Deviation
LEND Chart By TradingView

DFI.Money (YFI)

YFI was subject to a similarly rapid increase, reaching a high of $9,954 on September 1. The price has been falling since then, losing 65% of its value. However, the price has successively broken out from two descending resistance lines and validated them as support afterward. This is a bullish sign that suggests the price will move upwards.
YFI Long-Term Breakout
YFI Chart By TradingView
A closer look reveals that the price is trading between support and resistance at $3,100 and $4,000, respectively. A decline below the former would likely take the price to new all-time lows. However, technical indicators are bullish. The stochastic RSI has made a bullish cross, the RSI is above 50, and the MACD is increasing. Therefore, a move towards the resistance area at $4,000 seems more likely.
YFI Short-Term Movement
YFI Chart By TradingView
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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