The Ethereum news today show that the native token of the Yearn.finance network, YFI, is going to have a stellar 2021, according to a new Ethereum fractal. The reason for this are both fundamental and technical trends, which coupled together will position YFI among the leading crypto assets.
One analyst recently shared that the recent price action for YFI looks extremely similar to the one of Ethereum before the major bull run that the cryptocurrency had in 2017. As we could see in the analysis, the new Ethereum fractal comparison also suggests that Yearn.finance and its native token will undergo a major surge in the year to come.
Some fundamental trends are what’s buzzing in the cryptonews now, and what could drive the cryptocurrency higher. For instance, the YFI developers are going to release an upgrade to their core product, while the founder named Andre Cronje is already making waves with his big partnerships with other top DeFi protocols.
As such, YFI’s recent price action seems extremely similar to the one of Ethereum in late 2016. The crypto trader’s analysis shows that the new Ethereum fractal paints a similar technical formation with some similar fundamental theses as well. The trader said:
“Get the feeling $YFI is gonna pull a late 2016 $ETH and build up insane pressure in the form of an ascending triangle and blast off into price discovery during late December-early January whilst the real bull run plays out in 2021 (2017 for ETH).”
So, at this point, the new Ethereum fractal shows a major potential. However, YFI will only follow a good trajectory if Yearn.finance proceeds with their announcements. The fundamentals are right now bullish and developers are apparently in the midst of rolling out the Yearn.finance v2 Vaults which is another hot topic in the forums.
For those of you who don’t know, Vaults are the protocol’s main product, allowing users to earn a regular and relatively safe yield on their deposits of assets including stablecoins and Ethereum. According to one Yearn developer proposal, the [email protected] Vaults will offer many benefits, including streamlining the development cycle of new strategies, streamlining the QA and Security process for Vaults, ensuring that the Vaults are tested to handle different thresholds, and others.
So, YFI could have a very exciting 2021 as it stands, and Ethereum is seeing a bright future, too. What do you think will happen with the price action of both crypto assets?
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