Analysts Don’t Believe In YFI’s Recent Bounce: Report

Analysts don’t believe in YFI’s recent price bounce as the coin was among the most volatile assets in recent days. According to Tradingview data, YFI traded in an $8,000 range over the past four days so let’s read more in our altcoin news.

After declining from the $19,000 local highs, the cryptocurrency underwent a 15% bounce at $15,000 which brought it just shy of $18,000. While the previous level is pivotal for YFI on a macro scale, analysts don’t believe that the ongoing relief rally will continue. While Yearn.Finance did bounce decisively off two technical levels at $12,000 and $15,000, not all of the analysts are convinced by the ongoing uptrend.

Crypto assets trader Sean Nance noted recently that he opened a YFI short because the data shows the buyers are not present in the move up. He shared a chart to convey he believe where it shows that while YFI is pushing higher, the CVD ratio pressed lower and formed a bearish divergence. The chart also shows that the aggregated open interest metrics is moving lower as well, suggesting that there were no futures bid in the latest higher push.

Nance doubled down later and said that YFI’s five-minute candle still shows that the move towards $14,000 is set and it could even go 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.
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If I’m correct it would follow black.”

The weakness in this cryptocurrency comes in spite of the fact that project founder Andre Cronje disputed rumors that he was leaving the project. As recently reported, The ecosystem remains strong as the recent sell-off brought the coin down into oversold territory as a result of the emotional reaction of the sellers. One analyst noted that the serious upside could be imminent for YFI because of the ability to reclaim the support which was initially lost in the $15,000 region. He believes that the sustained bout of trading above the level could be all that is needed for the token to extend further the uptrend and see more gains in the days ahead.