• 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
    • 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
  • Buy SilverTry
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
    • 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
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis YFI

Trader: Yearn.finance’s YFI Could See a Short Squeeze to $14,000

Cole Petersen by Cole Petersen
4 months ago
in YFI
Reading Time: 2min read
Trader: Yearn.finance’s YFI Could See a Short Squeeze to $14,000
Advertisement

Yearn.finance’s YFI token has continued its descent, breaking below $9,000 as sellers stay in full control of its near-term outlook and continue erasing the gains it incurred as a result of its recent parabolic rally.

This weakness has come about due to many factors, including a fragmented community, low yields on the ecosystem’s products, and the founder’s focus on new tokens he is working on.

This weakness has also come about in the face of a somewhat bullish governance proposal that redirects the ecosystem’s income away from staking rewards and towards market buying YFI tokens.

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

This could provide it with some buy-side pressure, but it remains unclear whether this will be enough to slow the descent it is currently facing.

One analyst is noting that a short squeeze could still occur, which may lead its price to rally up towards $14,000 in the near-term.

This potential squeeze could help the Yearn.finance token form a mid-term bottom and begin seeing some relief, but it may face further capitulation before seeing any significant gains in the near-term.

Yearn.finance’s YFI Breaks Below $9,000 as Selling Pressure Mounts

At the time of writing, Yearn.finance’s YFI is trading down nearly 8% at its current price of $8,700.

This is the lowest price at which it has been trading since it first peaked at highs of $45,000 set at the peak of the recent DeFi bull run.

Its peak coincided closely with a few major listings on exchanges, including Coinbase and Gemini.

The liquidity these listing provided gave large holders ample liquidity to exit, with its price sliding lower ever since.

YFI Could Soon See a Massive Short Squeeze 

For Yearn.finance’s YFI to start forming a long-term bottom, it must see a short squeeze that allows it to reclaim its position above $10,000.

One analyst believes that this is a realistic possibility, noting that the massive quantity of short positions indicates that a move towards $14,000 could come about.

“YFI – No trigger no long. Not contemplating shorting this unless BTC breaks down. Might see a short squeeze to 13-14k still on the cards. Blue arrow trigger,” he said while pointing to the below chart.

Yearn.finance YFI

Image Courtesy of TraderXO. Source: YFIUSD on TradingView.

It remains unclear if Yearn.finance’s YFI has seen true capitulation yet. As such, there could be one more significant leg lower in-store before it sees a short squeeze and posts a long-term bottom.

Featured image from Unsplash.
Charts from TradingView.
Tags: yfibtcyfiusdyfiusdt
TweetShare
Nexo Logo
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, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

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

3 weeks ago
YFI

Yearn.finance Founder Andre Cronje Drops Hints About v2 Vaults

2 months 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 months 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

3 months ago
Bitcoin Altcoins

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

3 months 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

3 months ago

Premium Partners

Top Brokers

eToro

eToro

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
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

Lepricon Private Sale 7X Oversubscribed. Announces Public Sales and St. Patrick’s Day DEX listing

March 8, 2021

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 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
    • 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
  • Buy Silver

© 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.