If YFI surmounts $16,000 price level, it could start a new uptrend after it saw a decent rebound from the recent lows a few days ago so let’s read more in today’s altcoin news.
If the ongoing upswing is coming when Bitcoin and Ethereum consolidate, which usually indicates that it may be breaking the recent downtrend and beginning to navigate higher, as most altcoins start catching the tailwinds that were created by Bitcoin and Etherem’s upswings. There are still some issues that are hampering the growth of the coin, with the Yearn ecosystem being caught within the vicious cycle limiting how much value is captured by the token as the founder’s risk that has been priced in the YFI could be limiting its near-term upside as the founder Andre Cronje has been playing with other projects that cost speculators major sums of capital.
There’s one key technical level which if it gets broken, it could send it rocketing higher in the upcoming few weeks. Further rejection at this level could spell trouble for the near-term outlook and will lead to further downside. One analyst is now pointing to $6,000 as a potential downside target. YFI’s token is now trading up by 5% at its price of $14,500 which marks a notable surge from the multi-day lows of $13,000 which was set a few days ago. It is important to note that it is still caught in a consolidation phase as it was trading around the price for the past couple of weeks.
If YFI surmounts $16,000 and will start marching back up towards $20,000 the technical outlook remains in the bears’ favor. Furthermore, the lack of attractive yields on the yVaults leads to less value that will be captured by YFI which is hampering the technical strength. While sharing the thoughts on the yearn.finance token technical outlook, one analyst explained that $16,000 is a key level that the coin has to overcome in the near-term. He noted that a breakdown before the could be dire which will put a price of $6000 target on the charts:
“Another diagonal for YFI. $16k is still the level to overcome in order to see strength for continuation. 2 failed/awkward breaks of diagonals previously. Let’s see how we do today.”
Yearn. Finance’s near-term technical strength could reflect that on the Defi sector which means that the inflows of capital are set to follow Bitcoin’s surge that can provide it with another boost.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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