No traders may want to purchase Yearn Finance (YFI) after it plunges below $12,000, according to an independent analyst.
The pseudonymous entity said in a tweet on Wednesday that the Yearn Finance’s native token “is dead” if it fails to hold above the said support level. In a separate tweet, he published an outlook that showed YFI attempting to stay afloat inside a price floor zone (as shown in the chart below).
Yearn Finance is attempting to rebound from the blued range. Source: YFIUSD on TradingView.com
The image above depicts YFI in a medium-term downtrend. It started after the token established its record high near $44,000 – and lately showed signs of bottoming out after the price hit $12,220.
YFI Fundamentals
Meanwhile, many fundamental and technical factors contributed to YFI’s sharp slide. For starters, the token had rallied too rapidly amid the booming craze for decentralized finance projects. It demanded a natural correction on profit-taking sentiment alone.
Nevertheless, YFI/USD kept