The world of decentralized finance (DeFi) is certainly an interesting and dynamic one!
Yearn.finance (YFI) has recently stolen the spotlight, impressing investors with its outstanding performance in yield farming. This mid-sized altcoin, boasting a total value locked (TVL) of about $332 million, has surged by a whopping 75% in the last four weeks. As of Monday’s London session kick-off, YFI confidently traded at $8,952, signaling a bullish trend during the ongoing altcoin resurgence.
Despite the market’s positive vibes, recent data analyses have thrown shade on YFI’s climb. Lookonchain, a key player in on-chain intelligence, highlighted potential price manipulation, mainly through the open interest (OI) market on the dYdX exchange. Adding to the intrigue is a crypto whale, previously linked to Sushi (SUSHI) price swings, now suspected of pulling strings behind YFI’s valuation through dYdX.
Manipulation on the horizon?
Antonio, dYdX’s founder, reports a significant spike in YFI’s open interest—from roughly $0.8 million to a staggering $67 million. This surge, attributed to a lone whale, is believed to be a strategic move to impact the company’s insurance pool.
Also Read: Popular DeFi Platform, Yearn Finance (YFI) is in Deep Trouble: It is Rugged?
Despite manipulation concerns, YFI’s price trajectory stays bullish, driven by key technical indicators. A notable event is the daily golden cross between the 50 and 200 Moving Averages (MA)—a positive signal for seasoned traders. However, since November 17, the altcoin has seen a 37% decline, hinting at limited room for further corrections if it wants to keep its bullish momentum.
The daily Relative Strength Index (RSI) is currently retesting the crucial region around 50, a make-or-break level for YFI bulls. According to the Elliott wave perspective, YFI seems ready for its third wave after the ongoing correction.
In the current scenario, optimism and caution surround YFI. While the altcoin showcases solid technical fundamentals for growth, allegations of market manipulation cast a shadow on its recent success. Investors and observers will be watching closely, eager to see how these factors influence YFI’s future price action.
Read More: Yearn Finance Price Surges! Will YFI Price Repeat History In The Upcoming Bull Run?
Yearn.finance’s story unfolds as a captivating journey—a tale of successes, suspicions, and the delicate dance between market forces.
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