YFI will soon pass a pivotal bullish level according to one analyst since the token was on a tear over the past few weeks. Ever since crashing in October, the cryptocurrency was in a steep increase marked by strong fundamental and on-chain trends so let’s read more in today’s altcoin news analysis.
The cryptocurrency is being accumulated by the top funds in the crypto-asset space as PolyChain Capital owns about 2% of the total supply of the ETH-based token. Three Arrows Capital is believed to also own a huge amount of the cryptocurrency. Holding the token gives the users the chance to capture some of the cash flows generated by the Yearn.Finance protocol. The main product is its yVaults which gives the users the chance to earn a regular yield on the deposits of stablecoins and popular cryptocurrencies as portions of these profits are sent to a treasury where the stakers can earn a regular return. The coin benefited from a broader resurgence in the DeFi space with more capital from the institutional and retail perspective, entered the space.
According to one crypto analyst, YFI will soon pass a pivotal bull level if it manages to pass $29,600 in the near future and it could continue increasing higher. He shared a chart showing that the $29,600 level for the Defi coin was seen as an absolute pivotal level over the past few weeks. It marked the highs of the rally that took place late last month and prevented another breakdown at the start of December.
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So if YFI manages to hold this level, the trader said it’s not wise to short the asset. YFI will most likely benefit from the series of partnerships that the founder Andre Cronje announced recently. The partnerships will see the protocol join forces with other teams like SushiSwap and Akropolis.
As recently reported in the previous altcoin news, The crypto’s space is now caught in a holding pattern similar to the one seen by BTC and ETH but until the larger digital asset breaks out or breaks down, or eventually gets a clear momentum, there’s a strong possibility that YFI will continue consolidating. Despite not being able to break above the $30,000 price range yet, the technical outlook is growing brighter by the day.
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