• iZUMi Finance (IZI) price dropped over 15% amid massive profit taking after its listing on major crypto exchange KuCoin.
• IZI/USD is likely to trade lower if bulls fail to keep $0.030. The hourly chart shows the token is trending towards the oversold territory though and could thus be due an upward flip should the $0.02 base hold.
• Network performance of Izumi Finance has seen strong growth in total value locked (TVL) and uptake of DeFi products such as iZiSwap, LiquidBox, and DAO veNFT.
iZUMi Finance Price Drops After KuCoin Listing
The price of iZUMi Finance (IZI) dropped over 15% after being listed on major crypto exchange KuCoin, likely due to “sell the news” profit taking. Despite the dip, IZI/USD was still trading more than 26% up in the past seven days and over 280% up in the past two weeks.
Sellers In Control for IZI/USD
Current price outlook suggests sellers might push IZI lower, but it is poised at a horizontal demand zone that has helped bulls for much of April which could provide support for an upward momentum flip. If bulls can’t maintain $0.030 support level, a dip to $0.011 could happen short-term.
Long Term Outlook: Network Strength Key
A look at Izumi Finance’s network performance shows decent growth in total value locked (TVL), rising sharply from under $2 million to over $25 million as of 26 April 2023 with increased uptake across its products such as iZiSwap, LiquidBox and DAO veNFT . Additionally, it closed a $22 million financing round for its on-chain order book iZiSwap Pro further contributing to market strength long-term.
Short Term Outlook: Profit Taking Likely To Give Way To Uptick
Despite today’s dip being caused by profit taking after listing news on KuCoin, there may be potential for an uptick in demand down the road given strong ecosystem growth experienced by Izumi Finance recently with increased TVL and product uptake throughout April 2023.
In conclusion, while short-term outlook may seem bearish with price dropping 15%, there may be potential upside momentum triggered given horizontal demand zone support and strong network growth seen recently with TVL rising significantly along with adoption of DeFi products such as iZiSwap Pro .