YFI Technical outlook grows grim as the cryptocurrency remains low and saw a notable rebound from the recent lows so let’s find out more in the latest cryptocurrency news.
The fragmented community coupled with the lack of momentum in the aggregated DeFi space has created serious headwinds for the coin which I snow trading down well above 50% from the recent highs. The lack of sustained upwards movement seen by the token over the past few weeks shows that its buy-side pressure is evaporating as the bears grow stronger. It still has to revisit the recent lows, of $12,000 set last week, the cryptocurrency could be positioned for more downsides unless there’s some unexpected catalyst for a price increase.
One trader said that the YFI uptrend is officially “finished” and the price drifts lower and lower each day so the YFI technical outlook grows grim. He believes that it will ultimately drop below $10,00 noting that he won’t be interested in it for quite some time. At the time of writing, Yearn. Finance’s YFI token traded up over 4% as its current price at $15,150 which marks a notable rebound from the daily lows of $14,000 set just a matter of hours ago.
With the stronger dip that the YFI token faces, there’s a strong influx of buying pressure which helps drive it higher. With that being said, every rebound is growing weaker and weaker which indicates that the bulls are losing their strength and influence over the price action. This could result in it seeing another capitulatory drop that sends it reeling down or below the recent lows of $12,000. While speaking about whether he thinks that YFI will be embattled token could trend next, one analyst explained that he thinks that it will drop lower for quite some time.
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He noted that they also have to redefine their suite of products which are not providing investors with much value as the entire Defi space drops lower:
“I think YFI is finished until they manage to redefine the product suite. Probably not a straight line, but I’m not interested in it for quite some time.”
In the upcoming few days, will provide some serious insights into the yearn.finance future as the speedy decline seen by the YFI price could have lasting impacts on the community as a whole.
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