After bouncing just under 60% from its local lows of $12,000 to a local high of $19,000, Yearn.finance (YFI) is returning lower. The leading Ethereum-based Advertisements
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After bouncing just under 60% from its local lows of $12,000 to a local high of $19,000, Yearn.finance (YFI) is returning lower. The leading Ethereum-based Advertisements
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin has dropped by approximately 10% in the past 24 hours, as it currently trades for $16,000 as of this article’s writing. This is still 33% above the local lows.
The ongoing move lower in the price of YFI comes in spite of strength in the rest of the DeFi market, coupled with strength in the price of Bitcoin and Ethereum. Yearn.finance’s ongoing decline also comes after project founder Andre Cronje disputed rumors that he was quitting.
While YFI’s decline from the local highs is far from bullish, the if it can hold $15,600. One analyst recently commented that that price level for the leading cryptocurrency is of critical importance, as it held as resistance at two pivotal moments in August:
“The price action has been so clear on the 4-hr chart. Perfect opportunity to buy support in the $12k and then the break and reclaim of $15,600. Will continue to ride this up as long as this level holds,” he stated.
