After bouncing just under 60% from its local lows of $12,000 to a local high of $19,000, Yearn.finance (YFI) is returning lower. The leading Ethereum-based <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 has dropped by approximately 10% in the past 24 hours, as it currently trades for $16,000 as of this article’s writing. This is still 33% above the local lows.
The ongoing move lower in the price of YFI comes in spite of strength in the rest of the DeFi market, coupled with strength in the price of Bitcoin and Ethereum. Yearn.finance’s ongoing decline also comes after project founder Andre Cronje disputed rumors that he was quitting.
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Yearn.finance Continues Descent Despite Andre Cronje Disputing Rumors
While YFI’s decline from the local highs is far from bullish, 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 may remain in a positive short-term position if it can hold $15,600. One analyst recently commented that that price level for the leading cryptocurrency is of critical importance, as it held as resistance at two pivotal moments in August: