{"id":5480,"date":"2020-11-18T23:00:16","date_gmt":"2020-11-18T23:00:16","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=450220"},"modified":"2020-11-18T23:00:16","modified_gmt":"2020-11-18T23:00:16","slug":"analyst-targets-yearn-finance-yfi-move-to-27000-as-bulls-take-charge","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-targets-yearn-finance-yfi-move-to-27000-as-bulls-take-charge\/","title":{"rendered":"Analyst Targets Yearn.finance (YFI) Move to $27,000 as Bulls Take Charge"},"content":{"rendered":"

It has been a wild past few days and weeks for the Yearn.finance governance token. YFI bulls attempted to spark a strong uptrend earlier this week when they surmounted the $18,000 level, as this has long been a macro resistance level for the cryptocurrency.<\/p>\n

The break above this level was technically significant, which seems to be confirmed by the subsequent rally that sent the crypto surging up towards the mid-$20,000 region.<\/p>\n

Despite the intense selloff seen yesterday by both Ethereum and Bitcoin, YFI has remained strong and is entering what appears to be another full-fledged bull trend.<\/p>\n

It is now down roughly 50% from its all-time highs, and rising yields within the yVaults and a renewed sentiment amongst investors indicates that serious upside could be imminent in the days and weeks ahead.<\/p>\n

One trader is now noting that a move towards $27,000 could be imminent<\/a> in the near-term.<\/p>\n

He points to negative funding as a reason why upside is around the corner, noting that it indicates that there’s serious room for upside in the days ahead.<\/p>\n

Yearn.finance Sees Explosive Upside Momentum<\/strong> <\/strong><\/h2>\n

At the time of writing, Yearn.finance’s YFI token<\/a> is trading up marginally at its current price of $24,000. This marks a massive rise from its recent lows of $7,500 set just a few days ago.<\/p>\n

So long as it continues holding above the resistance-turned-support at $18,000, it may be able to see continued gains in the near-term.<\/p>\n

It does appear to be facing some intense resistance around $25,000. Once this level is flipped to support, it may ascend to its previous all-time highs.<\/p>\n

Unlike the summer DeFi rally, this latest one has come about in tandem with a rise seen by Bitcoin and Ethereum. It has also come about as investors focus their attention on higher-quality projects versus shiny new Uniswap listings with 10x potential.<\/p>\n

Trader Claims YFI Will Likely Tap $27,000 Next<\/strong> <\/strong><\/h2>\n

While sharing his thoughts on where Yearn.finance’s YFI token might trend in the near-term, one trader explained<\/a> that he is watching for a move to $27,000.<\/p>\n

He points to its negative funding rates as one reason why the crypto could see a strong push higher in the days and weeks ahead.<\/p>\n

\n

“YFI: No changes. Still expecting 27k all day long. Not to mention funding is still negative.”<\/p>\n<\/blockquote>\n

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

Image Courtesy of NekoZ. Source: YFIUSD on TradingView<\/a>.<\/pre>\n
Unless Bitcoin<\/a> and Ethereum create any headwinds for the DeFi space in the days ahead, there’s a strong possibility that Yearn.finance’s YFI will continue pushing higher in the mid-term.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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