The Yearn.finance (YFI) price has dropped over 70% since it hit its record high of $ 44k about 1 month ago. One trader who correctly predicted that the Yearn.finance price will drop to $ 14k, suggests that it is even lower than the current target for YFI. But some analysts have not given up on yearn.finance in the long run.
DeFi coins are going through a difficult period overall, with nearly each closing the month of September with a drop close to 50%. One of the DeFi coins that seems to be in a difficult situation is yearn.finance. Yearn.finance (YFI) price has dropped by 45.8% in the last 7 days and 16.8% in the last 24 hours. Yearn.finance price dropped sharply to $ 14k earlier today and the retreat was not limited to that. YFI is currently trading at $ 12,900.
YFI Melted 70%, Next Target is $ 12K
Trader and analyst, known as TraderSZ, who has close to 60 thousand followers on Twitter, made not-so-bright predictions for the YFI price. The trader had predicted the correction that the YFI price would live towards $ 14k; now the target he has shown for YFI is 12 thousand dollars waters.
TraderSZ shared YFI charts, suggesting that the price is in a dip towards $ 12,000. According to Tradera, the $ 12,000 level is an important support for YFI. While Yearn.finance has reached its record-breaking price of almost 44 thousand dollars, not even a month has passed; According to the trader’s estimates, it will lose more than 70% value.
“There Are No Strategies To Increase The YFI Price”
Despite the obvious decline in the YFI price, some analysts are still quite optimistic for YFI in the long term. Although some argue that the yields in the yield farming model decrease, the project also loses value, but there are those who find this view absurd. One of them is Mechanism Capital founder Andrew Kang.
Kang said he found it absurd that the value of the YFI project was limited only to current yield farming activities, and that this was no different than burning a duvet for fleas. Kang suggested that yearn.finance developers have other strategies that will increase YFI value over other DeFi platforms. Andrew Kang listed some of these strategies in his tweet:
- Short DAI with 10x-100x leverage
- Basic / Fund buying and selling
- UNI farming
- BAL farming
- L1 / L2 liquidity bridge connection