• 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
  • Spin & 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
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Yearn.finance’s (YFI) Market Structure Points Towards a Q4 Move Below $10,000

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

Yearn.finance’s governance token (YFI) has been caught within a bout of extreme turbulence. A fragmented community, growing animosity towards the protocol’s founder, as well as a general downturn in the DeFi space have all struck serious blows to its outlook.

The cryptocurrency has now erased the bulk of the parabolic gains seen throughout its recent multi-month uptrend.

After rising from under $1,000 to highs of $45,000, the token has since plunged well below $20,000 and is showing signs of continued weakness.

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

This has caused analysts to set relatively low price targets for the cryptocurrency, with one trader noting that a move down to the sub-$10,000 region is likely imminent in the near-term.

He notes that the upcoming fiscal quarter will likely be rough for the Yearn.finance token, noting that each bounce following selloffs has been growing weaker.

Yearn.finance Price Continues Reeling Lower 

Yearn.finance was previously the darling of the DeFi space, with its large community of ardent supports, an army of skilled developers, and exciting products all driving serious demand to the YFI governance token.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

This caused its price to rocket to over $45,000 per token, making YFI’s market cap well over $1 billion for an extended period of time.

Despite being able to dodge most of the losses that were seen within the DeFi space in the early stages of the market-wide downturn, the drama surrounding the Yearn founder and some of his experimental projects rocked the crypto’s stability.

These projects, which he hinted to on Twitter, sparked a buying frenzy from speculators who found the contracts and manually minted tokens.

Naturally, this resulted in these investors seeing serious losses due to volatility in one project and a contract exploit in another.

This sparked some animosity that has been aimed at the Yearn.finance founder and has fractured the previously tight community.

Analyst: YFI Likely to See Sub-$10,000 in Q4

While speaking about where he expects the cryptocurrency to trend next, one revered trader stated that he is expecting to see sub-$10,000 prices in the upcoming quarter.

He notes that the feebleness of Yearn.finance’s recent rebounds points to some underlying weakness.

“The YFI Chart has been beautiful. Unfortunately bear trend seems like it will sustain for another week or so, historically weak bounce compared to previous bottoms. Would not be surprised to see sub 10k in Q4.”

Yearn.finance YFI

Image Courtesy of Flood. Source: YFIUSD on TradingView.

Where the Yearn.finance token trends in the near-term will likely depend largely on the entire DeFi sector, but the division and anger within its community may continue creating a serious headwind.

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

1 year ago
YFI

Yearn.finance Founder Andre Cronje Drops Hints About v2 Vaults

1 year 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

1 year 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

1 year ago
Bitcoin Altcoins

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

1 year 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 year ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Pige Inu (PIGE) Is Now Available for Trading on LBank Exchange

May 27, 2022

LBank Exchange Will List Castello Coin (CAST) on May 27, 2022

May 27, 2022

LBank Exchange Will List TRADE on May 26, 2022

May 27, 2022

A guide to Capricorn, the first DEX on Cube Chain with hundreds million USD Liquidity Investment

May 27, 2022

Brawltales’ First Batch of NFT is Launching Soon

May 27, 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
  • Spin & 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.