Yearn.finance Could Rally to $14,000 Following Sub-$10,000 Dip.
YFI Price could reach $7K if it fails to maintain the resistance
It seems that the DeFi trend is finally dying down. We can see that the hottest and most hyped coins are reeling in the wake. For instance Yearn.Finance, YFI price was once trading over $40,000 and four times the price of Bitcoin. But currently, DeFi tokens are in the process of significant consolidation.
However, analysts predict that there will be optimistic developments with the start of Ethereum 2.0 soon.
YFI Price Might Hit 14k Soon!
Popular Analyst with twitter handle TraderXO, shared his thoughts on Yearn.finance’s price action. According to him, YFI Price is all set to rally towards $13,000 or $14,000 following a bullish range reclaim.
He pointed to this technical development, noting that a failure to print a sharp upwards movement would be grave.
What if Yearn.finance Price Fails to meet the support level ?
YFI Price to Reach $7k if fails to meet the Resistance Level
The Yearn Finance FOMO recently began to fizzle as the Defi market sizzle started to cool off, and investors began moving profits into the now trending Bitcoin.
Another Well-known Analyst, Bob Loukas shared his YFI analysis on the crypto Twitter. He posted a chart of YFI/USD that shows the Head And Shoulders Pattern ( Refers to a bullish-to-bearish trend reversal ).
As per the analyst, If the YFI Price Fails to meet the support level, it could fall much lower reaching $7k.
The current reversal and break out from a potential falling wedge pattern could take Yearn.Finance 50% of the way, or potentially all the way back to the neckline. If the DeFi coin falls back from the halfway point, another 52% decline would fall exactly where Bob Loukas points to as a “strong buy” for YFI.
Yearn Finance – YFI Price Analysis
At Present, the Defi token is trading at $10,853.67 with 3.52% gains. According to coinmarketcap YFI is currently ranking at 44th position in the DeFi Market with $382,899,400 USD 24- hour Volume.