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- YFI price is currently in a long consolidation range but can see a breakout in the future. It is trading with a drop of % in the intraday session
- Yearn Finance has seen a decline in the Avg new users over the past few months.
Yearn Finance is a Defi protocol that aims to give the best yield farming to its users.. It was launched in 2020 by Andre Cronje, a well-known figure in the defi sector. It automates the Yield farming strategies which can automatically allocate funds to the highest yield available. It helps the users to maximize their funds. They also provide lending and borrowing services to their customers. Yearn Finance has a total TVL of $443,150,966 which may increase. It has 55,662 holders and 213804 users as per the data by Dune Analytics. The growth of the users has become stagnant in the protocol. Meanwhile, the total number of AVG new users along with the transaction has also declined. Yearn finance voting contract holds 5.22% of the total supply. Yean Finance has a total supply of 36666 of which 89.42% is circulating in the market.
YFI has a market cap of $283,282,573 and is ranked 125th in the crypto-verse. The volume of the asset price has seen a slight decline in the intraday session. It is currently down by more than 80% from its all-time high but can see a recovery in the future.
Are Bears Looking To Push YFI Down?
The weekly technical chart of YFI hints towards a consolidated trend in price. It has been forming bearish candles on the daily chart. On the daily chart, it is trading near the value of $8454 with a drop in the intraday session. The upside momentum of the YFI can see a halt near the value of $10000.Meanwhile, the downside trend of YFI can see a halt near the value of $7000. YFI is trading below the 50 DMA with a negative crossover.It can push the price to a new low in the future.It is trading above the 100 DMA but a negative crossover might push the price further below.
MACD of the YFI hints towards a consolidated trend in price. There are no bars of histogram in MACD hinting towards the same trend.
Summary
Yearn Finance is currently observing a consolidated trend in price. Various analysts are expecting a strong upside trend in the future.
Technical Levels
Major Support:$6500
Major Resistance:$10000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
