Yearn.finance Token Drops to $ 9,700 Amid DeFi Space Overall Decrease The outstanding growth in yearn.finance (YFI) in the third quarter was followed by a sharp correction in the fourth. Today the price of YFI fell below $ 9,800, thus losing almost 80% of its value from the peak of about $ 44,000.

Yearn.finance token drops to $ 9,700 amid general decline in DeFi space

Outstanding growth in yearn.finance (YFI) in the third quarter was replaced by a sharp correction in the fourth. Today the price of YFI fell below $ 9,800, thus losing almost 80% of the value from the peak of about $ 44,000..

As one analyst notes, "altcoins died overnight." “Pessimism has appropriately taken on extreme values. I expect a sharp rebound during the American session if the risks hold (that is, the stock markets do not collapse). A rise of 10% is likely. Even YFI is not falling steeply (although the weekly chart does not agree with this), "he added..

Analyst Kantering Clark states that YFI has become the leading indicator for the entire decentralized finance (DeFi) market. “Yields across the space will continue to decline. However, new traders are still jumping into trading pairs, not realizing how many others have entered unsuccessful positions higher and are praying for a weakening rally to sell, ”he writes..

Analyst Yasha Gola noticed a series of lower lows and highs on the YFI chart, forming a falling wedge.

In his opinion, a breakout of the pattern on increased volumes may mean the resumption of the uptrend up to $ 30,000.

Santiment says YFI is beginning to "show some signs of bullish divergence." “The increase in whale activity is a good sign. The number of active addresses has also increased, "she writes..

Other DeFi tokens are also losing value today. Uniswap (UNI) Down 12%, Synthetix Network Token (SNX) Down 14% and Compound (COMP) Down 8%.

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