Ethereum’s YFI or Yearn Finance returns to lower lows after bouncing about 60% from its local lows at $12,000 to $19,000. The coin is going lower again as it dropped by about 10% in the past day and is now trading at $16,000 which marks 33% above the local lows so let’s read more in the latest altcoin news.
The ongoing move lower of the YFI price came in spite of the strength in the rest of the Defi market which was coupled with the strength in Bitcoin’s price and ETH as well. Yearn Finance’s decline came after the founder of the project Andre Cronje disputed rumors that he will be leaving the company. While YFI’s decline from the local highs is far from bullish, the coin could remain in a positive short-term position if it manages to hold above the $15,600 level. one analyst even commented that the price level for the cryptocurrency is critically important as it is holding resistance at two pivotal moments back in August:
“The price action has been so clear on the 4-hr chart. Perfect opportunity to buy support in the $12k and then the break and reclaim of $15,600. Will continue to ride this up as long as this level holds.”
As Yearn Finance returns to new lows, the analysts are still bullish of the fundamentals in DeFi. MetaMask surmounted about 1,000,000 monthly active users which are 300% higher than the metric a year ago. This is mainly because of Defi especially projects like Yearn.Finance as the company noted:
“Additionally, over the last twelve months, significant growth in the adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve. It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”
Additional growth in the Defi space is likely to buoy Yearn.Finance’s token along with other coins that are pertaining to space. However, we should see how the price action will move in the upcoming weeks, here at DC Forecasats’s crypto news.
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