{"id":439073,"date":"2020-09-20T19:10:53","date_gmt":"2020-09-20T19:10:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=439073"},"modified":"2020-09-20T19:10:53","modified_gmt":"2020-09-20T19:10:53","slug":"heres-the-pivotal-yearn-finance-yfi-support-analysts-are-watching-amid-30-drop","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/heres-the-pivotal-yearn-finance-yfi-support-analysts-are-watching-amid-30-drop\/","title":{"rendered":"Here’s the Pivotal Yearn.finance (YFI) Support Analysts Are Watching Amid 30% Drop"},"content":{"rendered":"
Yearn.finance (YFI<\/a>) 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.<\/p>\n 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.<\/p>\n Here’s a crucial level YFI analysts are watching as the leading cryptocurrency continues to slip lower.<\/p>\n 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.<\/p>\n One analyst shared<\/a> the chart below, which suggests that if YFI can maintain the $25,000 support, a strong move back towards the highs could be had:<\/p>\n “$YFI is clearly getting distributed here. Waiting for $25,500 for possible entry.”<\/p><\/blockquote>\n <\/p>\n This was echoed by Edward “Teddy” Cleps, the founder of Yellow Block and a crypto analyst. He shared<\/a> a similar chart of YFI to that of the aforementioned trader, seen below.<\/p>\n The chart shows that Yearn.finance should hold the $25,000 support to maintain the bull trend it has formed.<\/p>\n <\/p>\n The fundamentals of the coin are still positive despite any weakness in the short-term price action.<\/p>\n Crypto fund Mechanism Capital, headed by prominent DeFi analyst Andrew Kang, recently made<\/a> the following analysis of YFI, trying to frame it in a discounted cash flow model:<\/p>\n “Our bullish DCF case yields prices of $241k and $315k, depending on whether a performance fee is applied to yToken revenue.”<\/p>\n<\/blockquote>\n 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.”<\/p>\n 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.” 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. 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<\/p>\n","protected":false},"author":497,"featured_media":434368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[54512,1946,79667,79666],"class_list":["post-439073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defi","tag-ethereum","tag-yfibtc","tag-yfiusd"],"acf":[],"yoast_head":"\nYearn.finance (YFI) Must Hold $25,000<\/strong><\/h2>\n
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<\/a><\/pre>\n
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<\/a><\/pre>\n
Long-Term Fundamentals Still Positive<\/strong><\/h2>\n
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Featured Image from Shutterstock\r\nPrice tags: YFIUSD, YFIBTC, YFIETH\r\nCharts from TradingView.com<\/a>\r\nHere's the Pivotal Support Yearn.finance (YFI) Analysts Are Watching Amid 30% Drop<\/pre>\n","protected":false},"excerpt":{"rendered":"