“Yearn.Finance (YFI) Experiences a Dramatic Fall in Price“
As the price of Yearn.Finance plummeted 45% to an intra-day low of $8,258 before recovering slightly to $9,163, volume of trading simultaneously rose by 35%. This mismatch between price and volume of trading suggests a probable shift towards a correction or bear market. Right now, Bitcoin (BTC) and other altcoins are likewise displaying indications of instability, making it a precarious period for investors.
Volatility Exposed by Low Trading Volume
Weekends traditionally see lower trading volumes between retail investors, leaving markets susceptible to volatility. After a single large trade was identified by on-chain data tools, a theory resurfaced that the rapid price fall was due to a single large wallet transaction. This outlines that cryptocurrency market moves are often facilitated by just a few large players.
Traders Face Losses
The collapse led to $87.55 Million in open interest being wiped out, affecting long positions worth $3.07 Million along with $1.48 Million in shorts. The futures data implies that this loss was partially caused by a spike in open interest, highlighting the need to remain warning for sell signals amidst volatile market conditions.
Suspicions of an Exit Scam
The rapid and substantial fall in the price of YFI raised suspicions of an exit scam by insiders, with nearly 50% of YFI being held by 10 wallets. This incited theories that associates of these wallets, including exchanges, may have been in charge of maintaining the supply of YFI.
Market Outlook
As the Relative Strength Index (RSI) and Awesome Oscillator (AO) both indicate impending bearish trends, the Yearn.Finance price may continue to decrease further. The Fibonacci retracement levels provide probable support should the price fall, offering a look into possible points of resistance and recovery. Promising Alternative to Yearn.Finance
Amidst the instability of the YFI market, TG.Casino emerges as a viable alternative offering high staking bonus and other advantages for early investors anticipating a whole lot of increase in token value. The chance to buy TGC at its current price in the presale is rapidly decreasing, with future price increases in sight. For those savvy investors looking for a new opportunity, TGC.Casino could be the answer they are looking for.
“Hot Take”
TGC.Casino: The Best New Cryptocurrency ICO in 2023
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
