Huge Bull Flag For YFI Puts The Coin On A Path To $200,000: Analysis

A huge bull flag for YFI puts the coin on a path to $200,000 after weeks of aggressive selling, the coin looks primed for a strong move so let’s read more in our latest altcoin news.

Bitcoin’s bears were in quite the shock as the coin rallied to $57,800 which ended up sparking a new major rally. The huge bull flag for YFI is now preparing the altcoin for a $200,000 surge. YFI could surge due to the period of aggressive selling which could be coming to an end with the potential 50% move to the upside. Yearn.Finance retweeted a gif of Pepe the Frog as a wizard and it was linked to the proposal entitled “YIP-57 Funding Yearn’s Future.” The article noted plans to mint 6,666 new YFI tokens for the treasury and increased the supply by more than 20% so right after a 24.5% red candle was printed on the charts. After the selling eased off, the price gained traction again but two weeks later, a yDAI exploit happened and spurred the tweet:

 “We have noticed the v1 yDAI vault has suffered an exploit. The exploit has been mitigated. Full report to follow.”

This led to another sell-off for YFI as it printed another 15% red candle in one day but despite the bad news, the price rallied 50% to a new all-time high of $52,700 a few days after BTC hit $50K. Over the daily charts, we can see that the 52% candle was printed after a period of consolidation with the price breaking out of the classic bull flag structure before any bad news started circulating. The good news on the other hand for the holders is that the charts are showing a pattern playing out with a 50% candle which brings the price target to a new high of $65,770.

In 2020, YFI was skyrocketing higher than BTC and it was staggering. Without factoring in the extra tokens, the upside to return to the previous sats value was in excess of 450% from the current price. However, even by deducting 20% off this level, it still puts a huge target of around 350% which means the coin could skyrocket to $200,000 per coin. All other defi projects rebounded so maybe it’s the right time for something new to happen and to see YFI surge to $200,000.