Yearn.Finance (YFI) has stolen the attention away from most other DeFi tokens, Ethereum, and Bitcoin thanks to an amazing run where tens of thousands per coin in value were added.
But the Ethereum-based ERC20 token has recently broken below and is now retesting the neckline of a massive head and shoulders pattern. If the altcoin falls deeper from here, confirming the pattern, it could soon find itself back being cheaper than Bitcoin once again.
DeFi Token YFI Falls Below Neckline Of Massive Head And Shoulders
The DeFi trend was already blazing hot by the time Yearn.Finance was introduced, but its release sent the bandwagon into overdrive.
Capital poured into the cryptocurrency market cap at incredible rates, particularly into the DeFi sector. Ethereum-based tokens fueling the future of decentralized finance applications such as lending, borrowing, yield farming, and more lifted the market from depths of Black Thursday.
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Along the way, Yearn.Finance exploded onto the scene, and thanks to an extremely limited 30,000 token supply, the outrageously volatile asset quickly ballooned to over $40,000 in value, making it at one point four times the value per Bitcoin.
YFI was for a while holding support, and analysts had claimed that as long as Bitcoin and other crypto assets played nice, Yearn.Finance would hold too.
But Bitcoin plummeted at the news of BitMEX’s run in