• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

YFI Breaks Above $11,000, But On-Chain Metrics Spell Trouble

Ali Martinez by Ali Martinez
2 years ago
in Technical analysis
Reading Time: 3 mins read
Advertisement

yEarn Finance, previously known as iEarn Finance, has stolen the spotlight of the cryptocurrency market. Following the launch of its governance token, YFI, in late July, this altcoin has done nothing but shot up. 

Although it debuted in the market trading at a low of $31.65, the price of this cryptocurrency has appreciated over 34,363.7% since then. The so-called “valueless” governance token recently rose to a new all-time high of nearly $11,275. But different technical and fundamental indexes suggest that it is poised to retrace. 

YFI Is Bound to Pull Back

yEarn Finance’s meteoric price action has not gone unnoticed. Data from LunarCRUSH reveals that over the past 24 hours, more than 4 million YFI-related mentions have been registered throughout different social media networks. More importantly, roughly 60% of all the social interactions have been bullish about this altcoin.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The rising chatter around this cryptocurrency allowed it to move to the number six spotonSantiment’s Emerging Trends list, which is a historically negative sign.

Dino Ibisbegovic, head of content and SEO at Santiment, maintains that when the crowd pays increased attention to a given cryptocurrency because of an ongoing pump, it is usually followed by a pullback.

“Within the next 12 days after a coin claims a top 3 position on our list of Emerging Trends, its price drops by an average of 8.2 percent. Based on our study, once the increased crowd attention subsides (which usually happens in a matter of hours/days), a short-term price correction – or consolidation – is often a likely outcome,” said Ibisbegovic.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
The Chatter Around YFI Explodes. (Source: Santiment)

The Tom Demark (TD) sequential index adds credence to the pessimistic outlook. This technical indicator is currently presenting a sell signal in the form of a green nine candlestick on YFI’s 6-hour chart. The bearish formation forecasts a one to four candlestick correction before the continuation of the uptrend.

Given the TD setup’s accuracy to time local tops on yEarn Finance’s trend, the current sell signal must be taken seriously despite the losses already incurred.

TD Index Forecast Bearish Impulse for YFI. (Source: TradingView)

Stiff Support Ahead

In the event of a correction, IntoTheBlock’s “Global In/Out of the Money” (GIOM) model reveals that the most crucial supply wall underneath yEarn Finance sits at $5,700. Here, roughly 244 addresses had previously purchased nearly 16,000 YFI.

This crucial area of interest may have the ability to absorb some of the selling pressure. Holders within it would likely try to remain profitable in their long positions. They may even buy more tokens to avoid seeing their profitable investments go into the red.

Global In/Out of the Money by IntoTheBlock

Massive Support Level Ahead of FYI. (Source: IntoTheBlock)

It is worth mentioning that yEarn Finance is currently in price discovery mode. Thus, the probability of a further advance cannot be taken out of the question. The Fibonacci retracement indicator estimates that this cryptocurrency may rise towards $13,000 if buy orders continue piling up.

Featured Image by Depositphotos
Price tags: yfiusd, yfibtc
Chart from TradingView.com
Tags: yfiusdyfiusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Ali Martinez

Ali Martinez

Ali began forex trading in 2012. In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin. Now, he is a content producer for some of the leading media outlets in the cryptocurrency industry.

Related Posts

Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

1 hour ago
Ethereum

Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

5 hours ago
Ethereum

TA: Ethereum Turns Red, Why ETH Must Hold This Key Support

1 day ago
Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

1 day ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

1 day ago
Ethereum

TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Luxury Rolex watches and Real Estate in the Metaverse: Chronoly (CRNO) and Decentraland (MANA) Could Dominate

June 29, 2022

When Marketplaces Meet Predictions: The Curious Case Of Fair Prediction Launches

June 28, 2022

Globiance Goes Live on CoinMarketCap And 6 Exchanges (CEX)

June 28, 2022

Why is Klein Finance so important to KCC (KuCoin Community Chain)?

June 28, 2022

LBank Exchange Will List SENSO on June 28, 2022

June 28, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.