{"id":5821,"date":"2020-12-06T23:00:27","date_gmt":"2020-12-06T23:00:27","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451628"},"modified":"2020-12-06T23:00:27","modified_gmt":"2020-12-06T23:00:27","slug":"yearn-finance-yfi-inches-to-30k-flashes-similarities-to-eth-in-2016","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/yearn-finance-yfi-inches-to-30k-flashes-similarities-to-eth-in-2016\/","title":{"rendered":"Yearn.finance (YFI) Inches to $30k; Flashes Similarities to ETH in 2016"},"content":{"rendered":"

Yearn.finance’s YFI governance token has been inching closer and closer to the $30,000 level for the past few days and weeks, with the selling pressure here proving to be somewhat significant on multiple occasions.<\/p>\n

Overall, the crypto’s price<\/a> is currently caught within a holding pattern similar to that seen by Bitcoin and Ethereum,<\/p>\n

Until the larger digital assets breakout – or breakdown – and gain clearer momentum there’s a strong possibility that YFI will continue consolidating as well.<\/p>\n

Despite it not being able to break above $30,000 just yet, its technical outlook is growing brighter by the day.<\/p>\n

One trader is now noting that Yearn.finance’s current technical structure reminds him strikingly of Ethereum’s in late-2016. At this time, the crypto saw a consolidation phase that resulted in a breakout with parabolic momentum.<\/p>\n

If history rhymes and YFI sees a similar breakout in the days and weeks ahead, there’s a strong possibility that the cryptocurrency could enter another price discovery phase that results in it seeing some parabolic momentum.<\/p>\n

This momentum will likely extend well into 2021, according to the analyst. He reckons that it will see similar price action during this period as ETH did throughout 2017.<\/p>\n

Yearn.finance Inches Higher as Investors Closely Watch $30,000<\/strong><\/h2>\n

At the time of writing, Yearn.finance’s YFI token is trading down just over 3% at its current price of $28,400. This is around the price at which it trading throughout the past week.<\/p>\n

For a brief moment, it climbed as high as $32,000 before it met some serious resistance and plunged lower.<\/p>\n

It has been closely tracking the overall trends seen by Bitcoin and Ethereum<\/a> as of late, making it imperative that these assets rally higher for it also to see further gains in the mid-term.<\/p>\n

Trader Claims YFI Could Be Mirroring a Bullish ETH Fractal<\/strong><\/h2>\n

One trader stated in a recent tweet<\/a> that Yearn.finance’s YFI token could be in the process of mirroring a highly bullish Ethereum fractal from 2016, which would indicate that 2021 will be an incredibly positive year for the DeFi benchmark.<\/p>\n

\n

“Get the feeling YFI is gonna pull a late 2016 $ETH and build up insane pressure in the form of an ascending triangle and blast off into price discovery during late December-early January whilst the real bull run plays out in 2021 (2017 for ETH).”<\/p>\n<\/blockquote>\n

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

\"\"<\/p>\n

Images Courtesy of HornHairs. Source: YFIUSD on TradingView.<\/a><\/pre>\n
Where the entire market trends in the mid-term will depend on Ethereum<\/a> and Bitcoin. These two digital assets have been guiding the DeFi market, which means that Yearn.finance’s fate is at least partially in their hands.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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