• 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
YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency
Nexo Logo

Yearn Finance (YFI) Dips 25% in Five Days; More Downsides Ahead?

Yashu Gola by Yashu Gola
1 year ago
in YearnFinance
Reading Time: 3 mins read
Advertisement

Yearn Finance’s governance token YFI logged further losses in a bearish correction that saw its price crashing by 25 percent this week.

The YFI/USD exchange rate plunged more than 5 percent on Friday to an intraday low of $22,030, further foreshadowing its 328 percent price rally between November 5, 2020, and December 3, 2020. So it appears, traders who profited from the YFI’s volatile upside move decided to secure their profits. The sentiment pushed the token’s per-unit prices lower.

A “Conglomerate” in Making

That happened despite the growth of Yearn Finance’s decentralized finance (DeFi) ecosystem. The distributed yield aggregator entered strategic mergers with SushiSwap (a decentralized exchange), Pickle Finance (a liquidity pool for top stablecoins), CREAM Finance (a lending platform), Cover Protocol (a smart contract insurance protocol), and Akropolis (a distributed pension fund).

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

It appears likely that the Yearn Finance partnerships prompted traders to increase their bids for YFI, a token that earns its value from the project’s revenue and voting features. Its price, thus, rallied exponentially in a month-long timeframe, only to see the upside momentum getting overheated. As a result, the YFI/USD retraced lower this week.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance ecosystem is among the most emerging ones in the DeFi factor. Source: Electric Capital

Having said that, the correction appears like a natural response to an unstable momentum growth. However, it does not take away the Yearn Finance’s long-term growth outlook, now that the project is emerging as a conglomerate in its own right.

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

“In short,” stated Messari researchers Ryan Watkins and Jonathan Otto in their recent note, “while Yearn, the protocol, is a coordination mechanism for efficient capital allocation, Yearn, the ecosystem, aims to be a conglomerate of symbiotic financial protocols that increase the capital efficiency of DeFi as a whole.”

“The greater the capital efficiency in DeFi, the greater the opportunity for Yearn to scale its operations,” they added.

YFI Price Outlook

Yearn Finance is looking to become the DeFi industry’s centerpiece for capital allocation if everything goes correct. And at the heart of the protocol’s growth is adoption for YFI, a token that is now falling due to psychologically-induced technical setups.

Indeed, YFI/USD has now confirmed that it is pursuing a Head and Shoulder trade setup. Traders believe the pattern is bearish — because it typically sends the price lower by as much as its maximum height. With that logic, YFI/USD is now looking to extend its 25 percent correction move by another 30 percent. That brings its price target to approx $15,200.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance looks to fall towards $16K if the corrective sentiment sustains. Source: YFIUSD on TradingView.com

Meanwhile, support levels around $21,600 attempt to hold the price from keep falling. If they succeed, then YFI could retrace its rally upward, hitting $28,555 first before it makes a move towards $30,000 — and eventually its record high near $44,000.

Tags: cryptocurrencyyfiyfibtcyfiusdyfiusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Yearn Finance YFI YFIUSDT

Yearn Finance Launches New Vault, While YFI Retakes Bullish Momemtum

1 year ago
Yearn Finance YFI

How DeFi Season Could Send YFI To $270,000 Per Token

1 year ago

The Bullish and Bearish Scenario of Yearn Finance’s YFI Token

1 year ago
YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Bullish Indictor Prepares Yearn Finance (YFI) For Record High; Here’s How

1 year ago
yearn finance, yfi, yfiusd, yfibtc,

Yearn Finance (YFI) Climbs 16% Despite Crypto Bloodbath Elsewhere

1 year ago
YFI, Yearn Finance, YFIUSD, YFIBTC

Yearn Finance (YFI) Pushes Past $27K after MakerDAO Integration

2 years 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

LBank Exchange Will List Globiance Exchange Token (GBEX) on May 25, 2022

May 25, 2022

LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa

May 25, 2022

Cornucopias: A Revolutionary Cardano Blockchain Project that is Redefining the Gaming Metaverse Industry

May 25, 2022

Caduceus Set Record for BitKeep LaunchPad with 1286% Oversubscribed

May 25, 2022

Fireblocks Adds Support for TRON DAO’s TRX and all TRC20 Tokens

May 25, 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.