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.
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.
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.