Top analysts believe rapid growth of the DeFi sector will push yEarn.Finance to new highs. The native currency of yEarn.Finance (YFI) stands between the support zones. Few days prior, the DeFi token was trading at $31K and it was expected to plummet further.
At the time of writing, yEarn.Finance is trading at $33,399.18 and seems intense for the long term. Yesterday, the coin fell by 10% and for the past few weeks, it has been following a downtrend.
Ever since it marked an all-time high of $44,000, it is failing to claim that throne with its price declining steadily. Even though YFI is trading below the $35K mark, analysts are bullish on it.
DeFi boom boosts yEarn.Finance
When the DeFi hype took the world by surprise, DeFi tokens saw immense growth in their value as well as in their prices. Among the DeFi tokens, YFI was the star performer with its price touching new highs. It did not just stop there, YFI further went onto becoming one of the first few tokens to get listed on Coinbase.
YFI is now available on Coinbase Pro for buying and selling. And its hype continues to mount as the project is making waves in the crypto community. These achievements by yEarn.Finance will likely result in bolstering its price in the long term.
As per stats of Augusts, 2020, YFI saw an uptrend that took YFI to another level. In total, the token saw a 720% growth in its value. Despite the fact that YFI is underperforming Bitcoin and Ethereum. Professional traders around the globe are optimistic that it will surpass the 40K boundary line that it has been stuck in.
As matter of fact, they see YFI surpassing the 50k barrier in short term. Thus, such optimism cannot be tagged as an exaggeration. YFI is the star performer among the DeFi tokens.
Analysts prediction likely to come true
Benjamin Blunts, a trader by profession claims that once YFI surpasses $34,500, it will form a bullish behavior. After it crosses the given mark, it will be all set for a new high of 50k.
“YFI closing the daily above $34,650 is very significant in my opinion, 47 mins to go. But if we do, I think we’re going to all-time highs again and 50k next. I wanted a bigger dip to add but at this stage, I do not think I’m going to get it” Said Blunts.
Moreover, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange says YFI could trade at $75,000 if it first sets a new high of $50,000.
The trader quoted:
“YFI closing the daily above $34,650 is very significant in my opinion, 47 mins to go. But if we do, I think we’re going to all-time highs again and 50k next. I wanted a bigger dip to add but at this stage, I do not think I’m going to get it.”