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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Here’s the Pivotal Yearn.finance (YFI) Support Analysts Are Watching Amid 30% Drop

Nick Chong
Nick Chong
4 years ago
2 mins read
Ethereum Aave

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Yearn.finance (YFI) has undergone a strong retracement since recent highs, dropping under $30,000 since setting a $44,000 high just days ago. The coin currently trades at $28,000 as of this article’s writing, far below the aforementioned highs.

This drop comes as Bitcoin and Ethereum underwent a strong rejection at the local highs. Other decentralized finance coins have also started to plunge, with the air being sucked out of this segment of the crypto market.

Here’s a crucial level YFI analysts are watching as the leading cryptocurrency continues to slip lower.

Yearn.finance (YFI) Must Hold $25,000

Analysts say that the coin must hold $25,000 moving forward or risk a stronger rejection to the downside. $25,000 is important for Yearn.finance because it is an important technical level and also a psychological level for investors in the Ethereum-based crypto.

One analyst shared the chart below, which suggests that if YFI can maintain the $25,000 support, a strong move back towards the highs could be had:

“$YFI is clearly getting distributed here. Waiting for $25,500 for possible entry.”

Image

Chart of YFI's price action over the past few weeks with analysis by crypto trader and chartist Mac (@MacnBTC on Twitter). Chart from TradingView.com

This was echoed by Edward “Teddy” Cleps, the founder of Yellow Block and a crypto analyst. He shared a similar chart of YFI to that of the aforementioned trader, seen below.

The chart shows that Yearn.finance should hold the $25,000 support to maintain the bull trend it has formed.

Image

Chart of YFI's price action over the past few weeks with analysis by crypto trader and chartist Edward Cleps (@TeddyCleps on Twitter). Chart from TradingView.com

Long-Term Fundamentals Still Positive

The fundamentals of the coin are still positive despite any weakness in the short-term price action.

Crypto fund Mechanism Capital, headed by prominent DeFi analyst Andrew Kang, recently made the following analysis of YFI, trying to frame it in a discounted cash flow model:

“Our bullish DCF case yields prices of $241k and $315k, depending on whether a performance fee is applied to yToken revenue.”

This was their “bullish case” for YFI, but they noted that there is a good probability it will play out due to “the growth of stablecoins & vaults that we have already witnessed and the fact that we have only implemented a fraction of potential strategies that are planned we do not believe that this scenario is out of the question.”

Featured Image from Shutterstock
Price tags: YFIUSD, YFIBTC, YFIETH
Charts from TradingView.com
Here's the Pivotal Support Yearn.finance (YFI) Analysts Are Watching Amid 30% Drop
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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