Yearn.finance (YFI) may enter an uptrend, according to some analysts, after its recent decline. YFI was hit hard by the emergence of the bears, falling back to its previous level of $ 40,000. But some analysts believe that a bullish movement will follow this drop.
In the analysis shared in NewsBTC, the decline in YFI occurred due to the effect of many factors besides the weakening market. In particular, it is said that a new project that Yearn.Finance’s founder Andre Cronje is trying to develop has also had an impact on this decline. The Crypto Dog, known for its cryptocurrency analysis shared on Twitter, made a positive comment for YFI and explained 4 basic factors that will increase the price of YFI.
4 Key Factors to Watch in YFI Price
According to the analysis, YFI could enter an uptrend in 4 ways. Many analysts commented on bullish for YFI and stated that they believe the bulls will be bullish in the coming days. The most talked about was the YFI analysis conducted by The Crypto Dog on Twitter. The analyst said 4 key factors could raise the YFI price in the short term. He listed these factors as follows:
“Things that show YFI price is bullish:
- High transaction volume of $ 12,000
- Only 64% drop from high levels
- Very low supply
- Presence of developers who made many innovations for YFI ”
These factors could provide a positive return for Yearn.Finance (YFI) in the short term, and the bulls could pull the price up, according to The Crypto Dog.
Sales Pressure Intensive
Yearn.Finance (YFI) is currently trading at $ 15,450 according to CoinGecko data. This means a 5.7% decrease. Still unable to reach the $ 20,000 levels it saw after the recent uptrend, YFI is showing a notable decline. The 5.7% decline occurred after YFI dropped below $ 12,000. With the decline, the buying pressure increased.
Last week, several analysts, including TraderSZ, made mixed estimates for the YFI price.