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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Yearn Finance: What The Final Quarter Of 2022 Has In Store For YFI Price

Christian Encila
Christian Encila
2 years ago
3 mins read
Yearn Finance

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Yearn Finance (YFI) has performed relatively well over the last 30 days, painting its charts in green despite the lingering uncertainty in the crypto market.

According to information from Coingecko, at press time, the ERC20 governance token built on the Ethereum blockchain is changing hands at $7,087, going up by 5.7% during the past week and tallying an impressive 15.7% jump on its bi-weekly gauge.

Here’s a quick glance of YFI performance:

  • YFI is experiencing a significant decline in its daily trading volume
  • Yearn Finance could fall all the way down to $6K within the next few days
  • The altcoin could start 2023 with a bullish run to reclaim the $8K territory

However, the altcoin’s technical indicators, specifically its Relative Strength Index (RSI) and Chaikin Money Flow (CMF), on its 4-hour chart doesn’t give much for traders to desire as they indicate a potential bearish run for the asset.

The RSI settled below the 50-neutral zone at 48.97, suggesting that selling pressure increased and a lot of buyers veered away from the asset. Meanwhile, Yearn Finance’s CMF fell into a negative value of -0.07 – an indication of a weakened buying activity.

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Source: TradingView

Daily Active Addresses Count And Trading Volume Decline

Along with the above-mentioned technical indicators, some developments concerning the cryptocurrency and its network pointed towards a bearish momentum.

During the previous week, the number of unique addresses that traded Yearn Finance decreased sharply, going down by 41%. In fact, at the time of this writing, there were only 248 wallets monitored to have participated in YFI transactions.

While the cryptocurrency’s spot trading price went up by 3% over the last 24 hours, its trading volume took a hit as it became lower by 25% during the same period.

With these, there is a need for a significant uptick in demand for the crypto asset for another increase in value to be triggered as buyers in YFI market appear to be exhausted.

However, it would seem that the digital currency could not catch a break as even in that particular department, it is showing signs of struggle.

According to latest data, at the moment, only 59 new addresses were present at the network – 48% lower than what was observed within the last eight days.

Chart: Santiment

Coincodex Forecasts YFI At Over $8K By 2023

Although Yearn Finance’s short-term trajectory looks bleak, it is expected to have a strong start for the year 2023.

According to the predictions of online crypto data information aggregator Coincodex, the digital asset is expected to decline significantly within the next five days and will eventually change hands at $$6,094 by December 15.

Related Reading

Solana

Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL?

2 years ago

Chart: Coincodex

However, the altcoin is expected to bounce back and reclaim its losses just few days after the expected price dump. By January 9, 2023, YFI is seen to trade at $8,891.

YFI total market cap at $258 million on the daily chart | Featured image - Altcoin Buzz, Chart: TradingView.com 
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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