Analyzing The Performance Of Top Three Defi Coins This Week
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jun 21 2024- DEFI Sector:
- Current market capitalization of $418.14 Million with a daily trading volume of $19.57 Million.
- Two out of the top three Defi coins experienced losses this week.
- Kadena and Spell Token slumped over 17% while Uquid Coin broke even.
- Kadena Crypto:
- Utilizes a DAG and proof-of-work for high throughput.
- Has been in a bearish trend since April 2024, facing resistance at key EMAs.
- Ranks 266th in the cryptoverse with a market capitalization of $163.92 Million.
- Spell Token (SPELL):
- Incentive token for abracadabra.money lending platform.
- Market capitalization of $103.44 Million, fallen by over 18.3% weekly.
- Price crashed in June below annual lows, with a bearish short-term outlook.
- Uquid Coin (UQC):
- ERC20 token enhancing the UQUID Ecosystem.
- Technical analysis shows a bearish trend below moving averages.
- Price struggling near $5 support level, may decline to $4.3 or rise to $6.5 and $8 levels.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
