• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis YFI

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

Cole Petersen by Cole Petersen
1 month ago
in YFI
Reading Time: 2min read
Bitcoin Altcoins
Advertisement
Nexo Logo
Listen to Article

Yearn.finance’s YFI token has seen some volatility over the past few days and weeks, mainly derived from that seen across the entire market. It has been closely mirroring the price action seen by the benchmark cryptocurrency and its other counterparts.

Where YFI trends in the mid-term should depend largely on whether or not YFI can find any strong support in the mid-$20,000 region, as this has long been a support level for the cryptocurrency.

Furthermore, YFI’s dependence on DeFi usage rates to drive value to the token has made it so that its value is closely tied to the overall state of the DeFi sector, with many investors viewing it as a benchmark for this fragment of the market.

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

One trader is now noting that the crypto could be on the cusp of seeing an intense mid-term sell-off, noting that it is “bounce or die” for the cryptocurrency.

To justify this sentiment, he points to a key ascending trendline that has been guiding YFI higher over the past month or so. A defense of this level could help lead to further upside.

Yearn.finance Shows Signs of Weakness as Selling Pressure Mounts

At the time of writing, Yearn.finance’s YFI token is trading down just under 4% at its current price of $24,700. This is around the price at which it has been trading throughout the past day.

The weakness seen by Bitcoin as it struggles to hold above $18,000 may be at least partially to blame for this YFI decline, with Ethereum’s tempered price action also striking a blow to it.

Until these two cryptocurrencies can gain some momentum, DeFi altcoins like Yearn.finance’s YFI will likely continue facing intense weakness as well.

It May Be “Bounce or Die” for the YFI Token

From a technical perspective, Yearn.finance’s YFI token is currently trading just a hair above a crucial trendline that has been guiding its uptrend throughout the past month.

One trader is now noting that this trendline may make it “do or die” for YFI, with its mid-term fate being partially or wholly guided by its reaction to this level.

“Bounce or die,” he said while pointing to the clear trendline formed over the past few weeks.

Yearn.finance YFI

Image Courtesy of Teddy. Source: YFIUSD on TradingView.

Bitcoin and Ethereum should provide the entire market with some guidance in the mid-term, offering greater insights into whether or not Yearn.finance’s price will be able to defend the key trendline it is about to test.

Featured image from Unsplash.
Charts from TradingView.
Tags: yfibtcyfiusdyfiusdt
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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

Yearn.finance Founder Andre Cronje Drops Hints About v2 Vaults

3 days 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 weeks 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

4 weeks 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

1 month ago
Yearn.finance (YFI) is About to Pass a Pivotal Bull Level: Analyst

Yearn.finance (YFI) is About to Pass a Pivotal Bull Level: Analyst

1 month ago
This Legacy Crypto has the “Largest Bullish Divergence Ever,” Claims Analyst

Yearn.finance (YFI) Inches to $30k; Flashes Similarities to ETH in 2016

1 month ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 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.