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Popular altcoin Yearn.finances YFI token has dropped to $ 7,500 before seeing one of the busiest short squeezes ever.

The cryptocurrency has experienced a tremendous surge in the past few days. Within hours of touching these lows, YFI faced sudden buying pressure and its price climbed up to $ 18,000. These figures point to an increase of more than 100% from altcoins daily lows. This bullish move has revitalized the DeFi industry and caused DEX trading volumes to skyrocket as investors begin to return to the industry.

As DeFis blue chips altcoins have gained sustained momentum in the past few days, its likely that this is just the beginning of a rally, according to analysts. According to analysts, the enormous power of Bitcoin and Ethereum could enable more capital flows into cryptocurrencies like Yearn.finances YFI. As long as BTC remains stable, investors will undoubtedly switch to higher-risk assets to increase their profitability, analysts say. One famous economist now points to three factors that point to the bullish trend at Yearn.finance. According to the economist, the altcoin could rise further.

At the time of writing, Yearn.finances YFI token is trading more than 3 percent at its current price of $ 14,400. These levels indicate a notable recovery from lows below $ 13,000 daily. These lows were set shortly after the cryptocurrency surged to the $ 18,000 highs, and this decline was due to aggressive profit-taking sales in the market. This is a sign that the final move is more than a dead cat splash or a short squeeze, according to analysts.

Alex, a cryptocurrency-focused economist, highlights three factors that suggest altcoins, such as Yearn.finances YFI, may rise higher next week. The intersection of these trends will undoubtedly support YFI and other blue chip DeFi altcoins, according to the analyst. The famous economist adds the following to his statements on the subject:

LOGIC SIMPLE. 1st RISK WEEK. 2. BTC FOR RISK TRADE. 3. ALTCOINS TO MAKE HIGH BETS AGAINST BITCOIN. THEN WE WILL GROW IN THE WEEK NEXT. YFI IS IN PLACE AND NO STATION. THE SIZE IS LARGE. THE GRAPHIC IS FOR BITCOIN TERM TRANSACTIONS.

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Check This If You Are Looking For Altcoin That Will Explode - Somag News