YFI Rallies 50% From Recent Lows As Bulls Took Over: Price Analysis

YFI rallies 50% from the recent lows right as the bulls took over the price trend since the coin was subjected to immense turbulence lasting for a few days. in our latest altcoin news, we can see that the latest capitulatory downturn resulted in a sharp rebound that sent the price up to 50% from its lows.

The intensity of the movement was great and marked the recent lows as a long-term bottom. The price turbulence only showed the degrading sentiment in the community as the exit of a key member coupled with the growing animosity towards Chef Nomi caused many investors to abandon the ship. 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. At the time of writing, Yearn.finance is trading up over 11% at a price of $18,300 which marks a surge from the recent lows at $12,000 which were set one day ago. Other factors include weakness over the aggregated DeFi sector ant the exit made by Chef Nomi.

While YFI rallies 50%, one analyst explained that he is watching closely for a move up in the near-term. He noted that the trend is firmly favoring the bulls at the moment as long as it continues to hold above the $15,600 price range.

 “The price action has been so clear on the 4-hr chart. Perfect opportunity to buy support in the $12k and then the break and reclaim of $15,600. Will continue to ride this up as long as this level holds.”

If Yearn’Finance’s token pushes higher, it could create a tailwind which will boost the entire DeFi sector higher. As previously reported in our crypto news, Multiple different factors are playing a key role in this movement including the community drama with the weakness across the aggregated DeFi sector.
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The catalyzed selloff which sent the Defi giant down to lows of $16,000 earlier this week, came in the form of a violent drop that was followed by a sharp “v-shape” recovery to more than $20,000.