Hey everybody, today we are going to take a look at the famous prodigy in the Defi Space YFI.
As you all may know it, YFI is really famous among the crypto community.
Its founder is making deals after deals, the latest one being with $Sushi, if you have not heard about it go take a look.
Anyway, let's start with the view, as you may know it YFI is quite volatile as its price move in the thousands almost everyday, which is cool in a sense as it offers a lot of opportunities to trade it.
In the graph, I am not going to put some technical staffs but talk about different scenarios for the price of YFI.
They are 3 scenarios in my opinion right now for YFI.
I will weight them in term of probabilities.
First scenario (10%) - YFI Follow Bitcoin and trades in the same range and does not move that much from the 28k to 24k, that is not very likely as the Defi space evolves in a different dimension from Bitcoin. Even if Bitcoin influences the price YFI moves greatly independently from Bitcoin, it can be seen in the price action and the correlation with Bitcoin.
Second scenario (60%) - YFI bearish view, falls and goes into in 18k territory, which would be a good news actually as a lot people are waiting for YFI to fall to buy it. We could see some good price action as to see if goes right back up and goes beyond its ATH following Bitcoin or continue to fall.
Third scenario (30%) - YFI goes full Bearish and visits the 10k area, it is not likely but cannot be ruled out. This scenario is possible if the buyer are not found at the precedent levels and Bitcoin falls hard. Again, the probability is low but possible. anyway in this area it would going crazy as a lot people are waiting for this level but as always once something starts to fall the potential buyers start to feel a little hesitant as the possibility to catch some knives becomes real.
Hope this article helped you or gave a good view on my views on YFI,
If you read until here, thanks for your patience !
Please like or comment as I like to have opposing views and discuss !
Cheers,
Cryptomamy
As you all may know it, YFI is really famous among the crypto community.
Its founder is making deals after deals, the latest one being with $Sushi, if you have not heard about it go take a look.
Anyway, let's start with the view, as you may know it YFI is quite volatile as its price move in the thousands almost everyday, which is cool in a sense as it offers a lot of opportunities to trade it.
In the graph, I am not going to put some technical staffs but talk about different scenarios for the price of YFI.
They are 3 scenarios in my opinion right now for YFI.
I will weight them in term of probabilities.
First scenario (10%) - YFI Follow Bitcoin and trades in the same range and does not move that much from the 28k to 24k, that is not very likely as the Defi space evolves in a different dimension from Bitcoin. Even if Bitcoin influences the price YFI moves greatly independently from Bitcoin, it can be seen in the price action and the correlation with Bitcoin.
Second scenario (60%) - YFI bearish view, falls and goes into in 18k territory, which would be a good news actually as a lot people are waiting for YFI to fall to buy it. We could see some good price action as to see if goes right back up and goes beyond its ATH following Bitcoin or continue to fall.
Third scenario (30%) - YFI goes full Bearish and visits the 10k area, it is not likely but cannot be ruled out. This scenario is possible if the buyer are not found at the precedent levels and Bitcoin falls hard. Again, the probability is low but possible. anyway in this area it would going crazy as a lot people are waiting for this level but as always once something starts to fall the potential buyers start to feel a little hesitant as the possibility to catch some knives becomes real.
Hope this article helped you or gave a good view on my views on YFI,
If you read until here, thanks for your patience !
Please like or comment as I like to have opposing views and discuss !
Cheers,
Cryptomamy