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YFI Price Prediction: Bullish as DeFi Market Grows Exponentially

YFI-Price-Prediction-for-September

Decentralized finance (DeFi)  seems to be the next big thing in the crypto space. Its digital assets were seen to perform well, with Yearn.finance’s governance token (YFI) rising to the top. Today, it is considered the token that doesn’t stop fuelling its rocket engine towards the moon.

Source: CoinGecko
Source: CoinGecko

Based on the graph above, the DeFi token’s performance appears to be in a good state with less volatility. It clearly shows how the token climbed its value seamlessly from $73.40 on July 18 to $33,604 on August 31. This remarkable ascent may still continue in the next one or two months as the DeFi space continues to grow its total value locked (TVL).

 YFI Fibonacci retracement levels (Source: TradingView)
YFI Fibonacci retracement levels (Source: TradingView)

In this chart, it is seen that on August 29, the price of the token amounting to $27,645 passed the golden ratio of Fibonacci indicator (.618) with an uptrend performance. The token also breaks the Fibonacci level .236 on August 31, which is an indicator that the price could push through its current bullish direction.

YFI/USD daily ALMA and MACD (Source: TradingView)
YFI/USD daily ALMA and MACD (Source: TradingView)

When it comes to Arnaud Legoux Moving Average (ALMA), the price looks good as it opened its price of $34,745 on August 31, above the ALMA indicator. The mere fact that the candlestick opened above ALMA implies that it is a great time to buy YFI, particularly for those traders who want to jump in the bandwagon of investing on the asset.

On the other hand, the moving average convergence divergence (MACD) indicator was seen to be crossing path with the signal line, which points out a bullish signal.

YFI Price Prediction

The YFI token continues to innovate the DeFi space. In the month of August alone, it has surpassed bitcoin’s price and hits the $13k mark and as the month comes to an end, the token has once again broken its limits when it achieves its all-time high value of almost $39,000 in Poloniex. This is after it posted two previous peak values of $27,154 and $32,843 within the same 24-hour period.
In addition, the DeFi token has been listed on the lending platform of Aave that recently made noise in terms of its TVL.

These milestones that the YFI token has achieved might have surprised Bitcoin enthusiasts and other altcoin investors in the crypto space. Meanwhile, Arthur Hayes, the CEO of Bitmex, predicts that the token could go as high as $100,000.

With all these things and events that the YFI has been dealing with, it is predictable that the token can sustain its bullish trend in the coming weeks ahead. In addition, as long as the price of the token does not fall below its support level, we can expect YFI’s price to keep its five-digit price value.

Also ReadEthereum (ETH) Price Analysis and Price Prediction 2021
Also ReadBitcoin (BTC) Price Analysis and Price Prediction October 2020
Also Read | Ripple (XRP) Price Analysis and Price Prediction 2021

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

 

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.