{"id":5061,"date":"2020-10-15T16:00:24","date_gmt":"2020-10-15T16:00:24","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=446562"},"modified":"2020-10-15T16:00:24","modified_gmt":"2020-10-15T16:00:24","slug":"analyst-yearn-finance-yfi-is-finished-as-technical-outlook-grows-grim","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-yearn-finance-yfi-is-finished-as-technical-outlook-grows-grim\/","title":{"rendered":"Analyst: Yearn.finance (YFI) is \u201cFinished\u201d as Technical Outlook Grows Grim"},"content":{"rendered":"

Yearn.finance’s governance token YFI saw a notable rebound from its recent lows overnight, which comes as sentiment surrounding the crypto remains incredibly low.<\/p>\n

A fragmented community coupled with a lack of momentum in the aggregated DeFi space<\/a> has created serious headwinds for YFI, which is now trading down well over 50% from its recent highs.<\/p>\n

The lack of sustainable upwards momentum seen by the token in recent weeks indicates that its buy-side pressure is evaporating, which comes as bears grow stronger.<\/p>\n

Although it has yet to revisit its recent lows of $12,000 set last week, the cryptocurrency could be positioned to see further downside unless there is some unexpected catalyst for a rally.<\/p>\n

One trader says that YFI’s uptrend is officially “finished” as its price drifts lower and lower each day.<\/p>\n

He believes that it will ultimately descend below $10,000, noting that he won’t be interested in it for “quite some time.”<\/p>\n

Yearn.finance Rebounds from Daily Lows, But Shows Continues Signs of Weakness<\/strong><\/h2>\n

At the time of writing, Yearn.finance’s YFI<\/a> token is trading up over 4% at its current price of $15,150.<\/p>\n

This marks a notable rebound from its daily lows of $14,000 set just a matter of hours ago.<\/p>\n

With each strong dip that the YFI token faces, there is a strong influx of buying pressure on the other side that helps drive it higher.<\/p>\n

That being said, each subsequent rebound is growing weaker and weaker, which indicates that its bulls are losing their strength and influence over its price action.<\/p>\n

Ultimately, this could result in it seeing another capitulatory decline that sends it reeling down to, or even below, its recent $12,000 lows.<\/p>\n

Analyst: YFI is “Finished” as Downtrend Continues<\/strong><\/h2>\n

While speaking about where he thinks Yearn.finance’s embattled token<\/a> might trend next, one analyst explained that he thinks it will slide lower for “quite some time.”<\/p>\n

He notes that they also need to redefine their suite of products, which aren’t currently providing investors with much value as the entire DeFi space plunges lower.<\/p>\n

\n

“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.”<\/p>\n<\/blockquote>\n

\"Yearn.finance<\/p>\n

Image Courtesy of Ledger Status. Source: YFIUSD on TradingView.<\/a><\/pre>\n
The coming few days should provide some serious insights into Yearn.finance’s future, as the rapid decline seen by YFI’s price may have lasting impacts on the community as a whole.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Yearn.finance’s governance token YFI saw a notable rebound from its recent lows overnight, which comes as sentiment surrounding the crypto remains…<\/p>\n","protected":false},"author":1,"featured_media":5062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[126,188,127,123],"class_list":["post-5061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-yfi","tag-yfibtc","tag-yfiusd","tag-yfiusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5061"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5061"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5062"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}