• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Yearn.finance YFI

Analyst: If Yearn.finance (YFI) Surmounts $16,000, It Could Start a New Uptrend

Cole Petersen by Cole Petersen
3 years ago
in YFI
Reading Time: 2 mins read

Yearn.finance has seen a decent rebound from its recent lows set just a few days ago.

Its ongoing upswing is coming about as Bitcoin and Ethereum consolidate, which indicates that it may be breaking its recent downtrend and beginning to navigate higher as many altcoins start catching some tailwinds created by BTC and ETH’s recent upswing.

There are still some underlying problems that are hampering YFI’s growth, with the Yearn ecosystem currently being caught within a vicious cycle limiting how much value is captured by the token.

Furthermore, the founder’s risk that has been priced into YFI may also be limiting its near-term upside, as Yearn founder Andre Cronje has been playing with multiple experimental projects that have cost speculators significant sums of capital.

There is one key technical level that, if broken, could send it rocketing significantly higher in the coming few weeks.

A further rejection at this level could spell trouble for its near-term outlook and lead to further downside. One analyst is even pointing to $6,000 as a potential downside target.

Yearn.finance Struggles to Gain Momentum Despite Bullish Market

Yearn.finance’s YFI token is currently trading up 5% at its current price of $14,500. This marks a notable surge from its multi-day lows of $13,000 set just a few days ago.

It is important to note that it is still caught within a consolidation phase, as it has been trading around its current price for the past couple of weeks.

Until it breaks above $16,000 and begins marching back up towards $20,000, its technical outlook still slightly favors bears.

Furthermore, the lack of attractive yields on the yVaults leads less value to be captured by YFI, which is hampering its technical strength.

Analyst: YFI Must Break $16,000 to See Further Momentum

While sharing his thoughts on the Yearn.finance token’s technical outlook, one analyst explained that $16,000 is a key level that YFI must overcome in the near-term.

He also notes that a breakdown before here could be dire, putting forth a $6,000 target on the chart he offers below.

“Another diagonal for YFI. $16k is still the level to overcome in order to see strength for continuation. 2 failed/awkward breaks of diagonals previously. Let’s see how we do today.”

Yearn.finance YFI

Image Courtesy of Cold Blooded Shiller. Source: YFIUSD on TradingView.

Yearn.finance’s near-term technical strength may also reflect that of the aggregated DeFi sector, which means that inflows of capital into beta assets following Bitcoin’s surge could provide it with a boost.

Featured image from Unsplash.
Charts from TradingView.
Tags: yfibtcyfiusdyfiusdt
Tweet123Share196ShareSend
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance’s YFI Hits $50K Before Bitcoin as Grayscale Shows Interest

2 years ago
YFI

Yearn.finance Founder Andre Cronje Drops Hints About v2 Vaults

2 years ago
This Legacy Crypto has the “Largest Bullish Divergence Ever,” Claims Analyst

Yearn.finance (YFI) Could be Coiling Up for a Rally; Analysts Eye $27,000

2 years ago
Here’s Why Yearn.finance’s YFI Could Soon Gain Some Explosive Momentum

Here’s Why Yearn.finance’s YFI Could Soon Gain Some Explosive Momentum

2 years ago
Bitcoin Altcoins

It’s “Bounce or Die” for Yearn.finance’s YFI as Selling Pressure Ramps Up

2 years ago
Here’s the Key Level Yearn.finance (YFI) Needs to Break to See Price Discovery

Here’s the Key Level Yearn.finance (YFI) Needs to Break to See Price Discovery

2 years ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    7 days ago
  • Best Crypto Meme Coin Presales in 2023

    7 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Crypto Enthusiast Considers TMS Network (TMSN) A Great...

    2 hours ago
  • Kava vs. AltSignals. Which Token Has a Better Chance To 10x...

    3 hours ago
  • Investors Troop To Sparklo (SPRK) Amid Binance Coin (BNB)...

    3 hours ago
  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    13 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    13 hours ago

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.

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 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.