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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

YFI Reclaims Support Post Coinbase Listing, New All-Time Highs In Sight

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
yfi yearn finance

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Yearn.Finance, most commonly referred to as YFI, is one of the hottest DeFi tokens this year and trades at prices three to five times as much as Bitcoin itself. The incredible success story appears to be ready to climb to higher heights, after reclaiming two important supports following the recent Coinbase listing.

Yearn.Finance Has Plenty of Fuel Left In The Tank Despite Recent Crypto Market Pitstop

There have only been very few and far between rags to riches stories in the crypto market since the bubble burst years ago. Even Bitcoin (BTC) and Ethereum (ETH) aren’t making anyone rich these days, with the constant consolidation going on for the last three or so years.

And while that could soon change, for now, its the Band Protocol (BAND), Yearn.Finance (YFI), and Chainlinks (LINK) of the crypto world that are stealing up all the limelight.

Related Reading | YFI Climbs 50% From $18K Low While The Rest Of Crypto Stagnates, But Why?

Chainlink and other DeFi projects led the initial resurgence into the crypto space, but since then Band has crushed LINK in performance and YFI has sent the DeFi trend into overdrive.

YFI’s own trend is also extremely bullish, and a recent flip of resistance into support could send the asset to another new all-time high.

yfi yearn finance

YFIUSD Daily Price Chart Support & Resistance Flip | Source: TradingView

YFI Reclaims Support, Potentially Targets $75K All-Time High Resurgence Next

According to the daily YFIUSD price chart, the extremely valuable DeFi token is about the become even more so. The Ethereum-based altcoin reclaimed support after a false breakdown and reaction to the Coinbase listing.

In fact, it not only reclaimed horizontal resistance and flipped it to support, but it reclaimed a daily trendline supporting the uptrend thus far. Two previous flips of support and resistance holding have led to an over 170% rise in YFI each time.

Lightning has struck already twice for investors, and that’s rare. Could the third time be the charm still, however? YFI could rise as high as $75,000 per token if a similar rise plays out.

Related Reading | Analyst: yEarn Finance (YFI) DeFi Rally Is Contender For Crypto Market’s Fastest 100x

The target also would reach a similar level as the asset’s former uptrend line that it lost in early September when Bitcoin and Ethereum plunged by 20% or more.

Even an asset as bullish as YFI took a beating in the days following. However, the momentum in DeFi tokens and especially YFI, has been too unstoppable for crypto bears to keep down.

Now Yearn.Finance is targeting much higher highs than here. Any coin reaching the price of $75,000 per token before Bitcoin does, is bound to get a lot of attention, which could keep the wind at the backs of bulls and help keep pushing prices even higher from there.

And at a supply of only 30,000 tokens, YFI will almost certainly never have enough supply to keep up with the demand. It might seem like a poor investment choice to buy an asset that already rose from $5,000 to over $50,000 in a matter of weeks, but with just 30,000 coins, things could go bananas faster than Bitcoin ever did.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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