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This time, especially, the breaking down is happening during the weekend when the order books are thin, speculators waiting to trade should wait for Monday as there might be a bounce to retest the neckline at $21,500. With all that said, H&S pattern is known for a fake-out where price dips below the neckline and then springs back up. Failing to hold the level, YFI could retrace down even further to $10,000 or approximately another 40% decrease. With continuing downward momentum, the first stop should be at $15,900 which was once a resistance before the price broke up to $20K. The increase in volume helps confirm the weight of this breakdown. The breakdown now began with the price slipping past the neckline which served as a major support level. At the latest development, YFI has now completed the Head and Shoulders (H&S) pattern which is a bearish signal. It is designed to deploy contracts to the Ethereum blockchain and other cryptocurrencies such as Balancer and Curve this way, advertised services are provided.
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However, after tracing down from its peak along with the DeFi craze being subsided as early investors began to cash out their profits, YFI price has shown continuous weaknesses. When this one-man-show project created by Andre Cronje was unintentionally listed on Unswip, the price went up massively from $4,000 to $44,000 or 11 folds within a span of one month. YFI was one of the OG that sparked investors’ interest in the DeFi space during early August.
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