{"id":446135,"date":"2020-10-12T17:00:05","date_gmt":"2020-10-12T17:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=446135"},"modified":"2024-06-11T14:06:57","modified_gmt":"2024-06-11T14:06:57","slug":"defi-hangover-yearn-finance-falls-nearly-20-from-weekend-highs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi-hangover-yearn-finance-falls-nearly-20-from-weekend-highs\/","title":{"rendered":"DeFi Hangover: Yearn.Finance Falls Nearly 20% From Weekend Highs"},"content":{"rendered":"

Yearn.Finance<\/a> closed last week with a strong rebound that left DeFi investors hopeful a bottom was in. However, from this weekend’s high notes set on Friday and Saturday night, YFI has fallen over 20% and is now at risk of an even deeper decline. Here’s why.<\/p>\n

Yearn.Finance Falls Over 20% From Weekend High Hangover<\/h2>\n

Due to Yearn.Finance’s finite, 30,000 token supply, the crypto asset is far more volatile than Bitcoin<\/a>, or most other altcoins for that matter.<\/p>\n

Related Reading | DeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What\u2019s Next?<\/a><\/strong><\/em><\/p>\n

The asset rises and falls tens of thousands of dollars per week<\/a>, as a result. The same volatility and scarce supply are responsible for YFI’s rise to its all-time high above $40,000, making it four times the price per BTC.<\/p>\n

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

Yearn.Finance YFIUSDT Weekend DeFi Hangover Down 20% From Friday and Saturday Night Highs | Source: TradingView<\/a><\/pre>\n
That top was set when Yearn.Finance began trading on Coinbase<\/a>, and early investors had a fiat gateway to cash out of. The fall and push and pull that’s followed, formed a massive head and shoulders pattern that has since broken downward.<\/p>\n
And although a recovery did indeed look likely after a 60% rise from lows in less than a week, the pattern’s target was never reached, so more downside is still likely<\/a>.<\/p>\n
Average Directional Index Says DeFi and YFI Bear Trend Is Only Just Beginning<\/h2>\n
YFI could drop as deep as $10,000 or below, according to the target<\/a>. Making matters worse, it could kick off an extended bear trend in Yearn.Finance, and through extension, potentially the greater DeFi space.<\/p>\n
Related Reading | Coinbase Users Lose $25K On Yearn.Finance Since DeFi Token\u2019s Debut<\/a><\/strong><\/em><\/p>\n
Crypto assets typically rise and fall together. For example, if Bitcoin suddenly tanked, it would bring down Ethereum and the rest of DeFi tokens down with it. Bitcoin “playing nice<\/a>” would have kept YFI at higher prices, but the breakdown from $12,000 triggered the initial selloff.<\/p>\n
\"yearn.finance<\/p>\n
Yearn.Finance YFIUSDT Average Direction Index Bear Trend Just Beginning | Source: TradingView<\/a><\/pre>\n
If the rest of the crypto market falls now, it could be the final push the Average Directional Index<\/a> needs to confirm a bearish trend in YFI.<\/p>\n
According to the tool, a reading of 20 or higher suggests a trend is growing in strength and likely to sustain higher. The trend is also likely to be bearish, as the red Directional Movement Indicator on the ADX is higher than the green, signaling negative price action ahead.<\/p>\n
If bears can confirm the trend on the ADX, the head and shoulders pattern’s targets<\/a> below $10,000 could be next.<\/p>\n
Featured image from Deposit Photos, Chats from TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"
Yearn.Finance closed last week with a strong rebound that left DeFi investors hopeful a bottom was in. However, from this weekend’s high notes set on Friday and Saturday night, YFI has fallen over 20% and is now at risk of an even deeper decline. Here’s why. Yearn.Finance Falls Over 20% From Weekend High Hangover Due to Yearn.Finance’s finite, 30,000 token supply, the crypto asset is far more volatile than Bitcoin, or most other altcoins for that matter. Related Reading | DeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What\u2019s Next? The asset rises and falls tens of thousands of dollars per week, as a result. The same volatility and scarce supply are responsible for YFI’s rise to its all-time high above $40,000, making it four times the price per BTC. Yearn.Finance YFIUSDT Weekend DeFi Hangover Down 20% From Friday and Saturday Night Highs | Source: TradingView That top was set when Yearn.Finance began trading on Coinbase, and early investors had a fiat gateway to cash out of. The fall and push and pull that’s followed, formed a massive head and shoulders pattern that has since broken downward. And although a recovery did indeed look likely after a 60% rise from lows in less than a week, the pattern’s target was never reached, so more downside is still likely. Average Directional Index Says DeFi and YFI Bear Trend Is Only Just Beginning YFI could drop as deep as $10,000 or below, according to the target. Making matters worse, it could kick off an extended bear trend in Yearn.Finance, and through extension, potentially the greater DeFi space. Related Reading | Coinbase Users Lose $25K On Yearn.Finance Since DeFi Token\u2019s Debut Crypto assets typically rise and fall together. For example, if Bitcoin suddenly tanked, it would bring down Ethereum and the rest of DeFi tokens down with it. Bitcoin “playing nice” would have kept YFI at higher prices, but the breakdown from $12,000 triggered the initial selloff. Yearn.Finance YFIUSDT Average Direction Index Bear Trend Just Beginning | Source: TradingView If the rest of the crypto market falls now, it could be the final push the Average Directional Index needs to confirm a bearish trend in YFI. According to the tool, a reading of 20 or higher suggests a trend is growing in strength and likely to sustain higher. The trend is also likely to be bearish, as the red Directional Movement Indicator on the ADX is higher than the green, signaling negative price action ahead. If bears can confirm the trend on the ADX, the head and shoulders pattern’s targets below $10,000 could be next. Featured image from Deposit Photos, Chats from TradingView<\/p>\n","protected":false},"author":517,"featured_media":446138,"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":[6664,54512,79663,79664,79667,79666,81710],"class_list":["post-446135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-defi","tag-yearn-finance","tag-yfi","tag-yfibtc","tag-yfiusd","tag-yfiusdt"],"acf":[],"yoast_head":"\nDeFi Hangover: Yearn.Finance Falls Nearly 20% From Weekend Highs<\/title>\n<meta name=\"description\" content=\"Yearn.Finance closed last week with a strong rebound that left DeFi investors hopeful a bottom was in. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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