Analysts Aren’t Convinced of Yearn.finance’s (YFI) Ongoing Bounce

Analysts Aren’t Convinced of Yearn.finance’s (YFI) Ongoing Bounce

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Yearn.finance’s YFI has been one of the most volatile crypto assets of recent days. According to data from TradingView, the Coin

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’s aggregated open interest metric is also moving lower, also suggesting there was no futures bid during this latest push higher.

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Chart of YFI's price action over the past week with analysis by crypto trader Sean Nance (@TheSeannance on Twitter). Chart from TradingView.com
Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase

Nance later doubled down on this sentiment. He told his followers that YFI’s five-minute candle chart still suggests it will move towards the $14,000s, then potentially even lower:

“Many of you may have recognized the potential running flat here. That’s typically a bullish pattern and a pattern I love to play. I continue to analyze CVD habits during running flats and I took this short as part of that. If I’m correct it would follow black.”

The weakness in Yearn.finance’s native cryptocurrency comes in spite of the fact that project founder Andre Cronje just disputed rumors that he had left the project.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Photo by Alex H. Pflaum on Unsplash
Price tags: Yfiusd, yfibtc, yfieth
Charts from TradingView.com
Analysts Aren't Convinced of Yearn.finance's (YFI) Ongoing Bounce