LEND was an early DeFi protocol which seemed somewhat overshadowed by YFI's collective tokens rising to unheard of heights in a matter of months. Still, early adopters of LEND enjoyed over %1500 profit from it's listing on Binance to it's ATH.
Since then, LEND has dipped, attempted to rise again, failed, and then dipped horribly. What does the 4H chart say for the future of LEND? In Heikin Ashi! Because why not?
First, I have to note, I'm not sure why LEND didn't get the same level of insane pump the YFI tokens did. There almost seemed to be some form of artificial price suppression taking place at the higher levels. I haven't read into external factors to know if there's something specific causing this, but the gains just seem lackluster when compared to the DeFi boom.
Currently, the price is sitting in what was previously a very strong support level, circled in red. We can see on the chart the last time it was here it didn't linger. Now it sits.
At this moment on the Heikin Ashi we're seeing the first green tick in two days, this can change as it's 4H chart and just opening the candle and up until now it has been a clear down trend.
Price just passed below EMA 200 , Traditionally a strong pullback point for lend. Historical pullbacks below this level are circled in green.
We did just get a pull back from below this level days ago, as well as one just before that; so the bulls may be faltering and needing a serious reload to keep up with the down pressure.
MACD is bad. No two ways about it. Slight signs of moving in the direction of a cross, but it looks to be a good ways off and the deviation is significant.
Stoch is on the uptick at least. Though not much of a signal with the other bearish signs.
BUYING IN?
This is likely a wait for it to pump a bit and short if you're unlucky enough to still be hodling and didn't short before. Big support was broken recently and if we see a breakdown the downs will be big. I'd aim for .28 or below to close the short.
If you absolutely need to take a long position, you might be able to squeak out a 13% TP around at .55 if the market can muster a bounce to .236 fib.
LEND does have a history of bouncing from these lows to .5 fib, which would be around .67 cents. If the market rebounds across the board tomorrow and sustains it for a day I could see this.
I do not have much faith in this happening. External factors don't look good.
Bottom line... I am not buying this right now. DeFi token bubble at least, may be bursting.
Young charts are tricky beasts sometimes. Best to keep them in the wild rather than get bit.
I'm a simple guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
Feedback, criticism and crude humor are welcome :)
Since then, LEND has dipped, attempted to rise again, failed, and then dipped horribly. What does the 4H chart say for the future of LEND? In Heikin Ashi! Because why not?
First, I have to note, I'm not sure why LEND didn't get the same level of insane pump the YFI tokens did. There almost seemed to be some form of artificial price suppression taking place at the higher levels. I haven't read into external factors to know if there's something specific causing this, but the gains just seem lackluster when compared to the DeFi boom.
Currently, the price is sitting in what was previously a very strong support level, circled in red. We can see on the chart the last time it was here it didn't linger. Now it sits.
At this moment on the Heikin Ashi we're seeing the first green tick in two days, this can change as it's 4H chart and just opening the candle and up until now it has been a clear down trend.
Price just passed below EMA 200 , Traditionally a strong pullback point for lend. Historical pullbacks below this level are circled in green.
We did just get a pull back from below this level days ago, as well as one just before that; so the bulls may be faltering and needing a serious reload to keep up with the down pressure.
MACD is bad. No two ways about it. Slight signs of moving in the direction of a cross, but it looks to be a good ways off and the deviation is significant.
Stoch is on the uptick at least. Though not much of a signal with the other bearish signs.
BUYING IN?
This is likely a wait for it to pump a bit and short if you're unlucky enough to still be hodling and didn't short before. Big support was broken recently and if we see a breakdown the downs will be big. I'd aim for .28 or below to close the short.
If you absolutely need to take a long position, you might be able to squeak out a 13% TP around at .55 if the market can muster a bounce to .236 fib.
LEND does have a history of bouncing from these lows to .5 fib, which would be around .67 cents. If the market rebounds across the board tomorrow and sustains it for a day I could see this.
I do not have much faith in this happening. External factors don't look good.
Bottom line... I am not buying this right now. DeFi token bubble at least, may be bursting.
Young charts are tricky beasts sometimes. Best to keep them in the wild rather than get bit.
I'm a simple guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
Feedback, criticism and crude humor are welcome :)
Comment:
MACD currently looking strong as well as RSI on this bounce. Congrats to all the risk takers here :)
Comment:
Little short of the fib level on the last rise. Today will tell us whether that was the sad attempt at a retracement or if the move up will continue slightly, before we likely retest bottom support.
Comment:
Retesting at .45 support, bounce didn't have much gas behind it. Still in oversold territory but MACD looking bad and overall market took a big hit.
Let's see what happens.
Let's see what happens.
Comment:
Now there's a decent bounce :) Let's see if we can break the fib level.
Comment:
TP hit on the bounce :) Sweet.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
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Did I buy in to the potential of 13% gains on a high risk trade? Hell no!