{"id":439073,"date":"2020-09-20T19:10:53","date_gmt":"2020-09-20T19:10:53","guid":{"rendered":"https:\/\/wncen.com\/?p=439073"},"modified":"2020-09-20T19:10:53","modified_gmt":"2020-09-20T19:10:53","slug":"heres-the-pivotal-yearn-finance-yfi-support-analysts-are-watching-amid-30-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/heres-the-pivotal-yearn-finance-yfi-support-analysts-are-watching-amid-30-drop\/","title":{"rendered":"Here&#8217;s the Pivotal Yearn.finance (YFI) Support Analysts Are Watching Amid 30% Drop"},"content":{"rendered":"<p>Yearn.finance (<a href=\"https:\/\/wncen.com\/?s=YFI\">YFI<\/a>) has undergone a strong retracement since recent highs, dropping under $30,000 since setting a $44,000 high just days ago. The coin currently trades at $28,000 as of this article&#8217;s writing, far below the aforementioned highs.<\/p>\n<p>This drop comes as Bitcoin and Ethereum underwent a strong rejection at the local highs. Other decentralized finance coins have also started to plunge, with the air being sucked out of this segment of the crypto market.<\/p>\n<p>Here&#8217;s a crucial level YFI analysts are watching as the leading cryptocurrency continues to slip lower.<\/p>\n<h2><strong>Yearn.finance (YFI) Must Hold $25,000<\/strong><\/h2>\n<p>Analysts say that the coin must hold $25,000 moving forward or risk a stronger rejection to the downside. $25,000 is important for Yearn.finance because it is an important technical level and also a psychological level for investors in the Ethereum-based crypto.<\/p>\n<p>One analyst <a href=\"https:\/\/twitter.com\/MacnBTC\/status\/51307782\" rel=\"nofollow\">shared<\/a> the chart below, which suggests that if YFI can maintain the $25,000 support, a strong move back towards the highs could be had:<\/p>\n<blockquote><p>&#8220;$YFI is clearly getting distributed here. Waiting for $25,500 for possible entry.&#8221;<\/p><\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/EiRdQ05XYAAn6mg?format=jpg&amp;name=small\" alt=\"Image\" loading=\"lazy\"><\/p>\n<pre>Chart of YFI's price action over the past few weeks with analysis by crypto trader and chartist Mac (@MacnBTC on Twitter). Chart from <a href=\"http:\/\/TradingView.com\/symbols\/YFIUSD\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<p>This was echoed by Edward &#8220;Teddy&#8221; Cleps, the founder of Yellow Block and a crypto analyst. He <a href=\"https:\/\/twitter.com\/TeddyCleps\/status\/57507330\" rel=\"nofollow\">shared<\/a> a similar chart of YFI to that of the aforementioned trader, seen below.<\/p>\n<p>The chart shows that Yearn.finance should hold the $25,000 support to maintain the bull trend it has formed.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/EiWh9vWWoAELIig?format=jpg&amp;name=small\" alt=\"Image\" loading=\"lazy\"><\/p>\n<pre>Chart of YFI's price action over the past few weeks with analysis by crypto trader and chartist Edward Cleps (@TeddyCleps on Twitter). Chart from <a href=\"http:\/\/TradingView.com\/symbols\/YFIUSD\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><strong>Long-Term Fundamentals Still Positive<\/strong><\/h2>\n<p>The fundamentals of the coin are still positive despite any weakness in the short-term price action.<\/p>\n<p>Crypto fund Mechanism Capital, headed by prominent DeFi analyst Andrew Kang, recently <a href=\"https:\/\/www.mechanism.capital\/yfi-frameworks-for-fundamental-valuation\/\" rel=\"nofollow\">made<\/a> the following analysis of YFI, trying to frame it in a discounted cash flow model:<\/p>\n<blockquote>\n<p class=\"has-normal-font-size\">&#8220;Our bullish DCF case yields prices of $241k and $315k, depending on whether a performance fee is applied to yToken revenue.&#8221;<\/p>\n<\/blockquote>\n<p>This was their &#8220;bullish case&#8221; for YFI, but they noted that there is a good probability it will play out due to &#8220;the growth of stablecoins &amp; vaults that we have already witnessed and the fact that we have only implemented a fraction of potential strategies that are planned we do not believe that this scenario is out of the question.&#8221;<\/p>\n<pre>Featured Image from Shutterstock\r\nPrice tags: YFIUSD, YFIBTC, YFIETH\r\nCharts from <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">TradingView.com<\/a>\r\nHere's the Pivotal Support Yearn.finance (YFI) Analysts Are Watching Amid 30% Drop<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Yearn.finance (YFI) has undergone a strong retracement since recent highs, dropping under $30,000 since setting a $44,000 high just days ago. The coin currently trades at $28,000 as of this article&#8217;s writing, far below the aforementioned highs. This drop comes as Bitcoin and Ethereum underwent a strong rejection at the local highs. Other decentralized finance coins have also started to plunge, with the air being sucked out of this segment of the crypto market. Here&#8217;s a crucial level YFI analysts are watching as the leading cryptocurrency continues to slip lower. Yearn.finance (YFI) Must Hold $25,000 Analysts say that the coin must hold $25,000 moving forward or risk a stronger rejection to the downside. $25,000 is important for Yearn.finance because it is an important technical level and also a psychological level for investors in the Ethereum-based crypto. One analyst shared the chart below, which suggests that if YFI can maintain the $25,000 support, a strong move back towards the highs could be had: &#8220;$YFI is clearly getting distributed here. Waiting for $25,500 for possible entry.&#8221; Chart of YFI&#8217;s price action over the past few weeks with analysis by crypto trader and chartist Mac (@MacnBTC on Twitter). Chart from TradingView.com This was echoed by Edward &#8220;Teddy&#8221; Cleps, the founder of Yellow Block and a crypto analyst. He shared a similar chart of YFI to that of the aforementioned trader, seen below. The chart shows that Yearn.finance should hold the $25,000 support to maintain the bull trend it has formed. Chart of YFI&#8217;s price action over the past few weeks with analysis by crypto trader and chartist Edward Cleps (@TeddyCleps on Twitter). Chart from TradingView.com Long-Term Fundamentals Still Positive The fundamentals of the coin are still positive despite any weakness in the short-term price action. Crypto fund Mechanism Capital, headed by prominent DeFi analyst Andrew Kang, recently made the following analysis of YFI, trying to frame it in a discounted cash flow model: &#8220;Our bullish DCF case yields prices of $241k and $315k, depending on whether a performance fee is applied to yToken revenue.&#8221; This was their &#8220;bullish case&#8221; for YFI, but they noted that there is a good probability it will play out due to &#8220;the growth of stablecoins &amp; vaults that we have already witnessed and the fact that we have only implemented a fraction of potential strategies that are planned we do not believe that this scenario is out of the question.&#8221; Featured Image from Shutterstock Price tags: YFIUSD, YFIBTC, YFIETH Charts from TradingView.com Here&#8217;s the Pivotal Support Yearn.finance (YFI) Analysts Are Watching Amid 30% Drop<\/p>\n","protected":false},"author":497,"featured_media":434368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[54512,1946,79667,79666],"class_list":["post-439073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defi","tag-ethereum","tag-yfibtc","tag-yfiusd"],"acf":[],"yoast_head":"\n<title>Here&#039;s the Pivotal Yearn.finance (YFI) Support Analysts Are Watching Amid 30% Drop<\/title>\n<meta name=\"description\" content=\"Yearn.finance (YFI) has undergone a strong retracement since recent highs, dropping under $30,000 since setting a $44,000 high just days ago. The coin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/heres-the-pivotal-yearn-finance-yfi-support-analysts-are-watching-amid-30-drop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#039;s the Pivotal Yearn.finance (YFI) Support Analysts Are Watching Amid 30% Drop\" \/>\n<meta property=\"og:description\" content=\"Yearn.finance (YFI) has undergone a strong retracement since recent highs, dropping under $30,000 since setting a $44,000 high just days ago. 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