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

Other 2020/10/12 00:09 by Nick Chong

Yearn.finance’s YFI has been one of the most volatile crypto assets of recent days. According to data from TradingView, the coin has traded in an $8,000 range over the past four days.

After declining from the $19,000 local highs, the cryptocurrency recently underwent a 15% bounce at $15,000 that brought it just shy of $18,000.

While $15,000 is a pivotal level for YFI on a macro scale, not everyone is certain that this ongoing relief rally will persist.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Not Everyone Is Convinced of YFI’s Recent Price Action

While Yearn.finance has bounced decisively off two technical levels: $12,000 and $15,000, not all analysts are convinced by the ongoing uptrend.

Crypto-asset trader Sean Nance recently noted that he opened a YFI short because data indicates that “buyers are not present in this move up.”

He shared the chart below to convey this belief: it shows that while YFI is pushing higher, the CVD ratio has pressed lower, forming a bearish divergence. The chart also shows that the coin’s aggregated open interest metric is also moving lower, also suggesting there was no futures bid during this latest push higher.

Image

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

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