Defi

Magic Internet Money

Uquid Coin

Spell Token

<ul class="list-ic vertical">
 <li>1 <a>The DEFI sector has a current market capitalization of $418.14 Million and a daily trading volume of $19.57 Million.</a></li>
 <li>2 <a>Two out of the top three Defi coins of the week incurred losses.</a></li>
 <li>3 <a>Kadena and Spell Token slumped over 17% a week while the Uquid Coin managed to break even.</a></li>
</ul>
The DEFI sector has taken a hit this week as two out of the top three Defi coins slumped over 17%. The broader crypto market is also showing signs of weakness which might have added fuel to the price drop in the DEFI tokens.&nbsp;
Kadena, Spell tokens and Uquid Coin are the top three Defi coins, respectively, in the DEFI sector by market capitalization. Through the week, Kadena crypto dropped over 17.35% and Spell Token dropped over 18.89%, while Uquid Coin managed to survive this week, maintaining a 0.54% gain.
<h2 class="wp-block-heading" id="strong-kadena-crypto-strong">Kadena Crypto</h2>
Kadena is known for its public proof of work blockchain. It achieves high throughput by integrating two distinct consensus mechanisms: a Directed Acyclic Graph (DAG) and proof-of-work. It scales efficiently from a single blockchain to an unlimited number through its DAG structure, which is fixed and operates across multiple channels.&nbsp; 
<a href="https://in.tradingview.com/chart/KDAUSD/UHWukyyG-Kadena-Crypto/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"> </a> 
Moreover, the trend analysis highlights that KDA crypto has been in a bearish trend since April 2024. The key 50 and 200 day EMAs have been acting as dynamic resistance levels as the price suffered multiple rejections. This week, the crypto suffered rejections from the 50 day EMA, losing over 17%.
Kadena crypto ranks 266th in the cryptoverse with a market capitalization of $163.92 Million (press time). The volume inflow surged by 21.37% to $7.74 Million a day. Out of one Billion KDA tokens, 27.8% i.e. 278.497 Million tokens are in the circulating supply at the moment
<h3 class="wp-block-heading" id="strong-spell-token-spell-strong">Spell Token (SPELL)</h3>
<a href="https://www.thecoinrepublic.com/2024/03/29/spell-token-price-prediction-what-next-in-spell-price/" target="_blank" rel="noopener noreferrer nofollow">Spell Token </a>(SPELL) serves as the incentive token for abracadabra.money, a lending platform that utilizes interest-bearing tokens (ibTKNs) as collateral for borrowing Magic Internet Money (MIM), a stablecoin pegged to the US dollar.
Users can earn SPELL by providing liquidity to various pools. Additionally, staking SPELL allows participants to earn a portion of the platform’s fees, including interest, borrowing fees, and 10% of the liquidation fee for select markets, with these rewards being auto-compounded. 
<a href="https://in.tradingview.com/chart/SPELLUSD/AmBumHMK-Spell-Token-SPELL/" rel="noopener noreferrer nofollow"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"> </a>&nbsp; <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
With a market capitalization of $103.44 Million, Spell Token claims the 2nd largest crypto in the DEFI sector by market capitalization and 375th in the overall crypto market. The price performance shows that the crypto has fallen by over 18.3% weekly and over 38.03% over the month.
The price action analysis shows that the crypto crashed in June Falling below the annual lows. The short term trend outlook has shifted to a bearish side which may continue to drag the price towards lower levels.
<h3 class="wp-block-heading" id="strong-uquid-coin-uqc-strong">Uquid Coin (UQC)</h3>
UQC, an ERC20 token, is at the forefront of Ethereum’s technological advancements. It plays a pivotal role in enhancing the UQUID Ecosystem. This digital asset is designed to revolutionize the market by providing token holders with the convenience of quick and seamless liquidation. 
<a href="https://in.tradingview.com/chart/UQCUSD/effw7OEO-Uquid-Coin-UQC/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"> </a> 
From a technical standpoint, UQC crypto has dipped below the pivotal 50-day and 200-day moving averages, signaling a bearish trend. At press time, UQC was hovering near an annual support of $5 level and was struggling to gain ground.&nbsp;
Now, if the bulls fail to defend the recent support of $5, the price may decline towards the next support zone of $4.3. On the contrary if the price rebounds higher, $6.5 and $8 level may act as hurdles and could try to prevent the price from rising.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Analyzing The Performance Of Top Three Defi Coins This Week

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