Quick take:
- Arthur Hayes has once again reiterated that 1 YFI will soon be equal to $100k
- Yearn Finance (YFI) has received a boost from Coinbase announcing it was listing the token
- Trading of YFI on Coinbase will begin on the 15th of September at 9am (PT)
- YFI could hit $100k based on the proposal to cap its supply at 30,000
The CEO of Bitmex, Arthur Hayes, has once again reiterated his prediction that the value of Yearn Finance (YFI) will eventually hit $100,000. This is the third time Mr. Hayes has made this prediction with the most recent being made after YFI rallied as a result of Coinbase Pro announcing it was listing the token.
Below is Mr. Hayes’s tweet making the prediction. Also worth noting is his emphasis on the chances of YFI making it to $100k through his use of the phrase ‘FEW UNDERSTAND’ in capital letters.
#DeFi is heating up again. As a reminder, 1 $YFI = $100,000. FEW UNDERSTAND. pic.twitter.com/oUEXeLjvfK
— Arthur Hayes (@CryptoHayes) September 13, 2020
Coinbase Pro Lists Yearn Finance (YFI)
As stated above, Yearn Finance (YFI) has experienced a resurgence in the crypto markets due to Coinbase Pro announcing it was listing the token. Coinbase Pro made the announcement on the 10th of September and was the main reason Yearn Finance (YFI) started to rally once again.
The team at Coinbase Pro explained that YFI deposits would be open beginning Monday, September 14th. Trading will commence on the 15th of September at 9 am (PT).
How High Can Yearn Finance (YFI) Go?
Further checking the charts, Yearn Finance (YFI) is clearly on a moon mission after setting a new all-time high value of around $44,000. With little data to go by on the daily chart due to YFI’s youthfulness in the crypto markets, the 4-hour chart will be used for a brief analysis of Yearn Finance.
From the 4-hour chart, the following can be observed.
- Trade volume is in the red. However, selling is reducing indicating a possibility of renewed buying activity
- The value of YFI at $40,400 is above the 50, 100 and 200 moving averages on the 4-hour time frame
- YFI’s price is also above the previous all-time high of $39,900 that is now acting as support
- MACD is about to cross in a bearish manner
- 4-hour MFI is indicating an overbought situation
Conclusion
Summing it up from a technical analysis point of view, Yearn Finance (YFI) might have some more fuel in the tank in anticipation of trading on Coinbase Pro on the 15th. Short term traders might view this event as an opportunity to exit their longs while at the same time keeping Arthur Hayes’s prediction at the back of their minds.
Also worth mentioning is that the creator of Yearn Finance wants to cap the supply of YFI permanently at 30,000. If this proposal goes through, YFI could very much hit Arthur Hayes’s $100k and possibly keep moving up in the weeks and months to follow.
As with all analyses of altcoins such as Yearn Finance, traders and investors are advised to use adequate stop losses and low leverage when trading YFI on the various derivatives platforms.