{"id":5281,"date":"2020-10-30T21:00:08","date_gmt":"2020-10-30T21:00:08","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=448431"},"modified":"2020-10-30T21:00:08","modified_gmt":"2020-10-30T21:00:08","slug":"yearn-finance-could-rally-to-14000-following-sub-10000-dip","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/yearn-finance-could-rally-to-14000-following-sub-10000-dip\/","title":{"rendered":"Yearn.finance Could Rally to $14,000 Following Sub-$10,000 Dip"},"content":{"rendered":"

Yearn.finance’s YFI token<\/a> saw a sharp capitulatory decline overnight that caused it to post some massive losses. This decline briefly sent it below $10,000, which is a level that had not been broken below since weeks before its parabolic move to $45,000 started.<\/p>\n

This decline has come about amidst a capitulatory bout of panic selling amongst altcoins, as many are trading down 20% or more today while Bitcoin continues consolidating.<\/p>\n

Part of this weakness may stem from Ethereum’s intense underperformance, as it is now trading below $380 while BTC pushes past $13,300.<\/p>\n

YFI has been able to get some relief, however, as the break below $10,000 was rapidly absorbed and followed by a sharp upswing that sent it to highs of $11,500.<\/p>\n

It now appears to be consolidating as its bulls look to build a strong base of support around its recent lows.<\/p>\n

One analyst is noting that this range reclaim is bullish and could indicate that a push towards $13,000 or $14,000 is imminent in the near-term.<\/p>\n

This would be a serious rebound that helps negate some of the technical weaknesses resulting from this latest decline.<\/p>\n

Yearn.finance Price Craters Below $10,000 During Brief Overnight Selloff<\/strong><\/h2>\n

At the time of writing, Yearn.finance’s YFI token<\/a> is trading up just over 2% at its current price of $11,000. This is around where it has been trading all morning following its brief decline to lows of $9,750.<\/p>\n

The selling pressure it faced last night was intense and likely came about due to a mixture of panic selling and capitulation.<\/p>\n

Where it trends next will undoubtedly depend largely on whether or not bulls can guard against another decline.<\/p>\n

Analyst: YFI Could Rally Towards $14,000 Following Bullish Range Reclaim<\/strong><\/h2>\n

While sharing his thoughts on Yearn.finance’s price action, one analyst explained<\/a> that he is watching for YFI to rally up towards $13,000 or $14,000 following a bullish range reclaim.<\/p>\n

He pointed to this technical development in a recent tweet, noting that a failure to print a sharp upwards movement would be grave.<\/p>\n

\n

“YFI: Range reclaim – might get a long back upto 13-14k. Blue arrow trigger, otherwise doesn’t look good – price capped nicely within the down trending channel,” he said.<\/p>\n<\/blockquote>\n

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

Image Courtesy of TraderXO. Source: YFIUSD on TradingView<\/a>.<\/pre>\n
Yearn.finance’s YFI has become a benchmark<\/a> for the DeFi sector, so a strong rebound could create shockwaves across the market that allow other altcoins to rally in tandem.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView.<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
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