Yearn.finance (YFI) has continued to plunge lower despite strength in the Bitcoin price. While BTC crossed above $14,000 once again on Tuesday, the price of the popular <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin plunged toward $9,000. As of this article’s writing, YFI is down 7.5% in the past 24 hours and currently trades for $9,300, which are multi-month lows.
Analysts fear that the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin is primed to drop even lower in the days ahead as the technical outlook remains weak. Analysts expected the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin to bounce around $10,000 but it failed to do so, even with a potential short squeeze that was brewing on the horizon.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Yearn.finance (YFI) Ready to Move Lower, Analysts Fear
Analysts fear that YFI could retrace to the $7,000s in the weeks ahead as the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin was rejected at the $10,000 resistance. The chart below was shared recently, which shows this pivotal rejection and the likely retracement that will follow.