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YFI Price Moves Towards $30K, Mirrors Bullish ETH in 2016

YFI Price Moves Towards $30K, Mirrors Bullish ETH in 2016
  • Yearn.Finance’s YFI price is moving towards $30,000 for the past few days.
  • This indicates mirroring of a bullish Ethereum (ETH)  fractal from 2016.
  • 2021 will be a highly positive year for DeFi.
  • YFI price hype made many people invest in it.

Yearn.Finance’s YFI price is moving towards $30,000 for the past few days. This indicates mirroring of a bullish Ethereum (ETH) fractal from 2016.

Crypto trader says YFI mirrors a bullish ETH fractal

HornHairs, a crypto trader, recently tweeted that the Yearn.Finance YFI token could be in the process of mirroring a highly bullish Ethereum fractal from 2016. Thus, this shows that 2021 will be a highly positive year for the DeFi benchmark.

In case the YFI price continues to see a similar breakout, there’s a strong possibility that the cryptocurrency could enter another price inventory phase. This results in showing some parabolic momentum. Both YFI and late 2016 ETH price charts have similar technical formations and fundamentals.

ETH Price Chart Mid-2016 to Mid-2017 (Source: TradingView)
ETH Price Chart Mid-2016 to Mid-2017 (Source: TradingView)

As a matter of fact, YFI showed huge growth in the crypto world in recent months. In detail, it has reached an all-time high of over $40,000, surpassing the Bitcoin ATH in September. According to CoinGecko, YFI price is at $28,313 with a 24-hour volume of over $286 billion, at the time of writing.

YFI Price Chart 1-Month (Source: TradingView)
YFI Price Chart 1-Month (Source: TradingView)

Further, the YFI price hype made many people invest in it. Recently, crypto hedge fund Polychain Capital has purchased $8.2 million worth of YFI tokens. In light of this, many investors believe that YFI will outperform in 2021.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.