{"id":440825,"date":"2020-10-02T20:00:05","date_gmt":"2020-10-02T20:00:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=440360"},"modified":"2024-06-11T21:08:36","modified_gmt":"2024-06-11T21:08:36","slug":"defi-token-yearn-finance-yfi-breaks-massive-pattern-neckline-whats-next","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/defi-token-yearn-finance-yfi-breaks-massive-pattern-neckline-whats-next\/","title":{"rendered":"DeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What\u2019s Next?"},"content":{"rendered":"

Yearn.Finance<\/a> (YFI) has stolen the attention away from most other DeFi tokens, Ethereum, and Bitcoin thanks to an amazing run where tens of thousands per coin in value were added.<\/p>\n

But the Ethereum-based ERC20 token has recently broken below and is now retesting the neckline of a massive head and shoulders pattern. If the altcoin falls deeper from here, confirming the pattern, it could soon find itself back being cheaper than Bitcoin once again.<\/p>\n

DeFi Token YFI Falls Below Neckline Of Massive Head And Shoulders<\/h2>\n

The DeFi trend was already blazing hot by the time Yearn.Finance was introduced<\/a>, but its release sent the bandwagon into overdrive.<\/p>\n

Capital poured into the cryptocurrency market cap<\/a> at incredible rates, particularly into the DeFi sector. Ethereum-based tokens fueling the future of decentralized finance applications such as lending, borrowing, yield farming, and more lifted the market from depths of Black Thursday.<\/p>\n

Related Reading | Yearn.Finance (YFI) Could Fall To $15K \u201cIf\u201d Bitcoin Brings Down Crypto<\/a><\/em><\/strong><\/p>\n

Along the way, Yearn.Finance exploded onto the scene, and thanks to an extremely limited 30,000 token supply, the outrageously volatile asset quickly ballooned to over $40,000 in value<\/a>, making it at one point four times the value per Bitcoin.<\/p>\n

YFI was for a while holding support, and analysts had claimed that as long as Bitcoin and other crypto assets played nice<\/a>, Yearn.Finance would hold too.<\/p>\n

But Bitcoin plummeted at the news of BitMEX’s run in<\/a> with the CFTC, and YFI has now lost the neckline of a massive head and shoulders pattern, that could send the token tumbling back down to early valuations just after launch.<\/p>\n

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

YFIUSDT 4H Price Chart Head And Shoulders With Neckline Throwback and Retest | Source: TradingView<\/a><\/pre>\n
Yearn.Finance Could Retest $10,000, Just Like Bitcoin<\/h2>\n
From the top of the structure to the bottom of the neckline was a 50% fall, dropping from over $40,000 to just over $20,000. According to the measure rule, the target of the formation would take Yearn.Finance back to $10,000<\/a> or potentially lower.<\/p>\n
Head and shoulders<\/a> are bearish reversal patterns that arrive at the top of an uptrend. And although YFI’s uptrend was extremely short-lived, prices grew to astronomical levels quickly.<\/p>\n
Related Reading | Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+<\/a><\/strong><\/em><\/p>\n
And now that risk and fear have returned to the cryptocurrency market, YFI valuations are coming back down to reality.<\/p>\n
However, there’s always a chance that YFI reclaims the neckline, and tries for higher. If that happens, a fractal<\/a> that could send the asset to $60,000 could be back on, and a fall to Bitcoin comparable prices will be narrowly avoided by just a neck.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"
Yearn.Finance (YFI) has stolen the attention away from most other DeFi tokens, Ethereum, and Bitcoin thanks to an amazing run where tens of thousands per coin in value were added. But the Ethereum-based ERC20 token has recently broken below and is now retesting the neckline of a massive head and shoulders pattern. If the altcoin falls deeper from here, confirming the pattern, it could soon find itself back being cheaper than Bitcoin once again. DeFi Token YFI Falls Below Neckline Of Massive Head And Shoulders The DeFi trend was already blazing hot by the time Yearn.Finance was introduced, but its release sent the bandwagon into overdrive. Capital poured into the cryptocurrency market cap at incredible rates, particularly into the DeFi sector. Ethereum-based tokens fueling the future of decentralized finance applications such as lending, borrowing, yield farming, and more lifted the market from depths of Black Thursday. Related Reading | Yearn.Finance (YFI) Could Fall To $15K \u201cIf\u201d Bitcoin Brings Down Crypto Along the way, Yearn.Finance exploded onto the scene, and thanks to an extremely limited 30,000 token supply, the outrageously volatile asset quickly ballooned to over $40,000 in value, making it at one point four times the value per Bitcoin. YFI was for a while holding support, and analysts had claimed that as long as Bitcoin and other crypto assets played nice, Yearn.Finance would hold too. But Bitcoin plummeted at the news of BitMEX’s run in with the CFTC, and YFI has now lost the neckline of a massive head and shoulders pattern, that could send the token tumbling back down to early valuations just after launch. YFIUSDT 4H Price Chart Head And Shoulders With Neckline Throwback and Retest | Source: TradingView Yearn.Finance Could Retest $10,000, Just Like Bitcoin From the top of the structure to the bottom of the neckline was a 50% fall, dropping from over $40,000 to just over $20,000. According to the measure rule, the target of the formation would take Yearn.Finance back to $10,000 or potentially lower. Head and shoulders are bearish reversal patterns that arrive at the top of an uptrend. And although YFI’s uptrend was extremely short-lived, prices grew to astronomical levels quickly. Related Reading | Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+ And now that risk and fear have returned to the cryptocurrency market, YFI valuations are coming back down to reality. However, there’s always a chance that YFI reclaims the neckline, and tries for higher. If that happens, a fractal that could send the asset to $60,000 could be back on, and a fall to Bitcoin comparable prices will be narrowly avoided by just a neck. Featured image from Deposit Photos, Charts from TradingView<\/p>\n","protected":false},"author":517,"featured_media":440369,"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":[],"class_list":["post-440825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nDeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What\u2019s Next?<\/title>\n<meta name=\"description\" content=\"Yearn.Finance (YFI) has stolen the attention away from most other DeFi tokens, Ethereum, and Bitcoin thanks to an amazing run where tens of thousands per\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/ktsl888.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"DeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What\u2019s Next?","url":"http:\/\/ktsl888.com\/news\/defi-token-yearn-finance-yfi-breaks-massive-pattern-neckline-whats-next\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/defi-token-yearn-finance-yfi-breaks-massive-pattern-neckline-whats-next\/"},"thumbnailUrl":"","image":{"@type":"ImageObject","url":""},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":[],"dateCreated":"2020-10-02T20:00:05Z","datePublished":"2020-10-02T20:00:05Z","dateModified":"2024-06-11T21:08:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"DeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What\\u2019s Next?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/defi-token-yearn-finance-yfi-breaks-massive-pattern-neckline-whats-next\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/defi-token-yearn-finance-yfi-breaks-massive-pattern-neckline-whats-next\\\/\"},\"thumbnailUrl\":\"\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[],\"dateCreated\":\"2020-10-02T20:00:05Z\",\"datePublished\":\"2020-10-02T20:00:05Z\",\"dateModified\":\"2024-06-11T21:08:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/440825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=440825"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/440825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=440825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=440825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=440825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}