YFI Could Gain More Explosive Momentum In The Near-Term

YFI could gain more explosive momentum in the near-term as the token has seen massive gains from the multi-month low of $7,500 that was set a few weeks ago as we read more today in our latest altcoin news.

The power that YFI expressed since it drifted to the lows has been quite impressive with the bulls laying a strong base in the lower $20,000 region but it still hast to break below the level that was struggling to shatter the selling pressure which sits around $30,000. Where will YFI trend in the mid-term depends mostly on the continued reaction to the selling pressure that exists right here. Despite the bullishness that was seen by both BTC and ETH, DeFi altcoins like YFI will still have room to see more momentum.

The Defi Sector could be one of the last to rally with many investors being focused on BTC and major altcoins in the past few days and weeks. One trader noted that the Yearn Finance governance token is trying to create a strong base of support below the current price level which could allow it to see more momentum in the upcoming days. Where will YFI trend in the mid-term depends on Ethereum’s price action as the number two cryptocurrency by market cap has been guiding the light for most DeFi altcoins in the past few days.

One trader explained in another tweet that YFI could gain more explosive momentum as the coin continued reaction to its strong base of support near the $27,000. He noted that the continued bout of trading above the level could allow it to test the range highs at over $29,000 in the near-term:

 “YFI: Here’s the ‘story’ of the price action as I like to call it (in the bullish scenario I am currently viewing it as). Lose white box S/R flip and it simply goes back to ranging I expect.
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It still remains unclear how long the Defi sector will underperform BTC and ETH but as Yearn.Finance became a benchmark for the decentralized finance space, it will likely be one of the first major Defi coins to move higher.