Yearn.finance’s YFI token saw another capitulatory decline yesterday that sent its price reeling down to lows of $12,300.
At this point, its price was able to find some serious support that slowed its ascent and helped it rally higher, with bulls now moving the retake control of its short-term outlook.
Its ongoing rebound is coming about in tandem with the slight uptick in price seen by Bitcoin and Ethereum.
This intense downside momentum seen by YFI has come about due to the confluence of multiple separate factors, including community turmoil and massive selling pressure from major trading funds like Alameda Research.
The strength of the ongoing rebound is promising and may indicate that its recent lows will mark a long-term bottom.
One trader is noting that he expects its recent lows to continue acting as “bedrock support” and potentially kick off an accumulation phase the precedes the next strong uptrend.
Yearn.finance’s YFI Token Rebounds Following Capitulatory Decline