Top DeFi Token Price Analysis – LUNA, AVAX, UNI, and AAVE

It was a bearish week for the larger cryptocurrency market, as the global crypto market cap sunk below the $1.6 trillion mark. BTC’s fall below the critical support levels pushed the top coin by almost 10% to visit sub-$35,000 for the first time since February.

As highlighted in the FXEmpire’s Crypto Weekly Review, investor angst over inflation and Fed monetary policy hit the appetite for riskier assets, which affected the crypto market, triggering a fall for most top coins.

As bears took over the market, the broader market sell-offs saw $146 billion wiped out to leave the total crypto market cap at $1,571 billion on Sunday evening.

DeFi tokens, much like the rest of the market had a high correlation to Bitcoin facing the brunt of the larger market sell-offs. This piece shall delve into the price action of some of the top DeFi tokens like AVAX, LUNA, Uniswap, and Aave.

Terra (LUNA)

After gaining significantly in terms of price for the first quarter of this year, Terra’s LUNA finally took a break from gains. LUNA’s price fell under the $65 mark for the first time since Feb. 26, triggering major sell-offs for the token.

At the time of writing, LUNA traded at $65.74, noting a 10.43% price loss on the daily time frame and 17.35% losses on the weekly chart. LUNA started the year on a high note recording $91 as the daily price high on Jan. 1; since then, the coin has lost value, trading below $70, at press time.

While Terra’s ecosystem saw considerable strategic developments, over the last 48 hours, the same couldn’t do much for LUNA’s price. Notably, Terra increased the native stablecoin TerraUSD’s (UST) liquidity and utility across ecosystems. Additionally, the blockchain also welcomed a new Inter-Blockchain Communication Protocol (IBC) called Evmos, which is the EVM compatible hub of Cosmos.

That said, LUNA’s total value locked in DeFi saw one of the biggest drops falling by over 17% over the last day.

Avalanche (AVAX)

The beginning of the last week brought decent gains for AVAX as many in the market anticipated a rally. Avalanche saw a strong rebound, over the last week, after testing a key inflection area as its support; however, the recent BTC fall to $35,000 pulled back AVAX’s price.

At the time of writing, AVAX’s price oscillated at $52.66, noting 7.75% daily and 11.37% weekly gains. AVAX was testing the crucial long-term support at $52, and a fall below the same could fuel further losses.

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