YFI had disastrous performance recently as it saw its first relief rally in ages with bulls moving to create a new bottom after the multi-week period of seeing incredible losses so let’s read more in our altcoin news.
The cryptocurrency reeled as low as $7500 earlier today where the bulls stepped up and sent it surging to new highs of $10,000. It did face a huge influx of selling pressure at this price with the buyers unable to flip this historically significant level. If this level gets broken above and confirmed as support of $10,000 it could eventually act as a strong base for growth that could send it flying much higher. Despite the strength today, YFI had a disastrous performance as one economist pinpointed the weakness of the Yearn.finance ecosystem’s founder.
He believes that the lack of transparency when it comes to the team and what they are working on makes it incredibly hard for investors to take positions in the cryptocurrency with certainty. At the time of writing, the YFI token was trading at over 2% with a current price of $8,700. This marks a notable surge from its recent lows of $7500 that was set earlier this morning but it faced a strong rejection at $10,000 which seems to point to some underlying weakness among the crypto bulls.
The cryptocurrency is down from its recent highs of $45,000 and it will require a fresh Defi bull run and surge in yVault yields for these highs to come about again. One economist said that Andre Cronje who is the founder of YFI is a major variable for the coin that could be slowing down the growth. He contends that Cronje’s lack of attention on YFI and the development team that works in the shadows are hampering the growth:
“Cronje is a major variable. He wants Yearn to be decentralized and walk on its own, driven by the team. Nobody knows the team, they are in the shadows. What Cronje did with YFI is similar to leaving a toddler to walk alone in a city. Dropping yields is the second variable.”
Unless the yearn.finance token breaks above the $10,000 in the near-term, there’s a strong chance it will continue seeing more weakness ahead.
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