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yearn.finance yfi depositphotos_40882555-stock-photo-dangerous-accident-during-work

Yearn.Finance (YFI) Could Fall To $15K “If” Bitcoin Brings Down Crypto

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency Market News, Ethereum, Technical analysis
Reading Time: 3 mins read

Yearn.Finance (YFI) is one of the most talked-about cryptocurrencies of 2020, both due to its scarce 30,000 token supply and its miraculous price increase to more than 1 BTC in value.

However, the DeFi token could fall to $15,000 or deeper if Bitcoin brings down the rest of the crypto market.

Yearn.Finance, Other DeFi Tokens At Risk Of Getting Dragged Down By BTC

All cryptocurrencies are on thin ice at the moment, watching and waiting in the wind for whatever top crypto assets Bitcoin and Ethereum decide to do next.

Bitcoin has thus far held strong above $10,000 for its longest stretch yet but has been unable to set a higher high from the 2019 peak. The risk of a lower low remains a dark cloud hanging over the market and one that may finally douse out the burning hot flames of the DeFi trend.

Related Reading | Yearn.finance (YFI) On “Life Alert” After Weak Attempt To Hold Support

DeFi tokens are what helped the crypto market rise up from out of the bear market lows and even the Black Thursday carnage. Growth in these tokens, such as Yearn.Finance (YFI) has easily outpaced other major crypto assets such as those mentioned above.

YFI rose from nothing to being far more valuable than even the top-ranked cryptocurrency and most dominant asset in the market, Bitcoin.

But now its at risk of falling back to more on par with Bitcoin, if the leading cryptocurrency by market cap decides to drop further.

yearn.finance yfi

Yearn.Finance YFIUSDT Head And Shoulders Target 50% Drop | Source: TradingView

YFI Head And Shoulders Could Confirm If Bitcoin And Ethereum Bring Down The Market

Bitcoin price dragging down the rest of the crypto market, DeFi tokens like Yearn.Finance included, YFI could complete a head and shoulders chart pattern that would send price nosediving back toward $15,000 or lower. But only “if” Bitcoin plummets, according to a crypto analyst.

The full height of the head of the structure, from neckline to peak, is roughly a 50% rise. A 50% drop as targeted by the measure rule, would take Yearn.Finance back to $11,000 per YFI token.

As pictured above, however, the right shoulder is currently incomplete and would require more downward sell pressure from bears. But after such a substantial drop already, and a low supply of just 30,000 YFI, there’s no telling what may happen if Bitcoin and Ethereum turn around instead.

Related Reading | Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+

Demand would come roaring back into the DeFi space, and assets like Yearn.Finance would once again be set ablaze with positive price action. If this happens, due to how limited the supply of the token is, demand dynamics will take over and drive prices to new highs instead.

So while its certainly dangerous to consider the DeFi token suddenly straddling a thin line, buying here could bring returns a head and shoulders above the rest.

Featured image from Deposit Photos, Charts from TradingView
Tags: altcoinbitcoinbtcbtcusdBTCUSDTcryptoDeFiethereumxbtxbtusdyearn financeyfiyfibtcyfiusdyfiusdt
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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