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DeFi Tokens Sell Off as BTC Fails to Push Higher

2020.09.21 Robbie Liu

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin (BTC) remained in a small range over the weekend. While it hit a recent high of $11,177 on Saturday, the price quickly retraced to current levels, near $10,800, as trading volumes waned. 

Market sell-offs largely hit the decentralized finance sector. All DeFi tokens on the OKEx DeFi spot page are down over the past 24 hours. Only Unitrade (TRADE) is up more than 1%, as traders look ahead to its upcoming mainnet launch. 

Once again, major altcoins underperformed against BTC — with most down between 1% and 4%. Ether (ETH) hit resistance around $388 before pulling back below $370. The gas fee, which is closely related to its price, has fallen to below 100 Gwei today. For comparison, on the day of the Uniswap (UNI) airdrop, the gas fee had hit over 600 Gwei.

OKEx's Token Index Board is all red, as of 9:00 am UTC on Sept. 21. Source: OKEx

Top altcoin gainers and losers 

  • OXT/USDT +69.19%
  • TMTG/USDT +13.90%
  • DGB/USDT +9.31%
  • CVP/USDT -23.40%
  • FRONT/USDT -28.85%
  • SWRV/USDT -38.38%

The only highlight of the day was Orchid (OXT), which surged 69.19%. 

The top three losers are once again DeFi tokens. Swerve (SWRV) lost a huge 38.38% overnight — its current price is only 30% of what it was a week ago. Frontier (FRONT) and PowerPool Concentrated Voting Power (CVP) were down 28.85% and 23.40%, respectively.

Also, the uptrend of DFI.money (YFII) took a hit. Its current price of around $3,300 has fallen 40% from a one-week high of $5,700. 

The price of UNI has also fallen from $8.40 on the second day of its trading to less than $5.00. 

BTC technical analysis

The short-term key support of $10,600 has not been broken, meaning the bullish structure in place since the beginning of the month is still intact. The resistance area from $10,900 to $11,200 is strong, and volume was shrinking when moving upside this weekend.

Intraday, we need to watch the support level around $10,750 and the rising trend line formed on Sept. 5. 

BTC price chart - 9/21
OKEx's BTC Perpetual Swap 1h chart — 9/21. Source: OKEx, TradingView

ETH technical analysis

ETH was weaker than BTC over the weekend. $376 is the upper resistance level, while support remains at $355. If the support at $355 is lost, the price of ETH is likely to take another dive to the previous low of $322. 

Ethereum price chart - 9/21
OKEx ETH Perpetual Swap 4h chart — 9/21. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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