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yearn.finance yfi chainlink link defi
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Buy Signals Trigger On DeFi Tokens Chainlink & YFI As Hopes Of Rebound Mount

Tony Spilotro by Tony Spilotro
2 years ago
in Altcoins, Bitcoin
0
Advertisement

DeFi tokens like Chainlink and Yearn.Finance dominated the crypto market all throughout the summer months. But a recent shift in sentiment has prompted investors to derisk and these same coins have been crashing deeply. 

And while there’s no certainty that a reversal is near, a buy setup has triggered on these two once top-performing tokens that could at least provide a dead cat bounce it the short term.

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Chainlink Readies Rebound Following 50% Fall From All-Time High

Chainlink’s rise to the top of the crypto world began a lot earlier than most of the DeFi space, but the oracle feeding price data to platforms helped further fuel this year’s parabolic rally.

RELATED READING | AFTER 50% DROP, CHAINLINK (LINK) IS REACHING A DO OR DIE TECHNICAL LEVEL

The cryptocurrency was already the best performing asset for almost two full years running, then this year went on to rise from around a $1 on Black Thursday, to $20 per LINK token at the peak.

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The incredible rally was reminiscent of Bitcoin’s in 2017, and so far the fall hasn’t been as sharp from top to bottom. Chainlink dropped 60% from the peak, while Bitcoin fell a total of 84% in the end. That could be a similar target for Chainlink in the long-term.

chainlink linkusdt linkbtc

LINKUSDT & LINKBTC Daily TD Sequential Indicator TD9 Buy Setup | Source: TradingView

But in the short term, its already recovered 10% back. And now a buy setup triggered on the TD Sequential indicator – on both the LINKUSD and LINKBTC trading pairs – pointing to a potential near-term recovery rally.

DeFi Token Yearn.Finance Cuts Valuation Down By Two-Thirds In Under 30 Days

Yearn.Finance is also showing a similar signal, suggesting that DeFi tokens, in general, could make a comeback in terms of USD and in their ratio against Bitcoin. YFI has been hit even harder than Chainlink and remains down by 60% on both pairs.

RELATED READING | TOP DEFI COIN YEARN.FINANCE (YFI) JUST SLIPPED BY ANOTHER 10%

Yearn.Finance was once more valuable than four Bitcoins, according to the YFIBTC trading pair, but is now trading at barely over 1. The TD Sequential indicator showing a TD 9 buy setup on daily timeframes also suggests that Yearn.Finance could recover some of its lost gains.

yearn.finance yfiusd yfibtc

YFIUSDT & YFIBTC Daily TD Sequential Indicator TD9 Buy Setup | Source: TradingView

With the election heading into the fourth quarter of the year, and the recent news that stimulus money may be over until after then, the market is hazy on where it wants to turn next. After DeFi tokens have been so deflated, it is difficult to imagine more downside so soon. But considering how fast these assets climbed to the top, the fall to the bottom could be equally as hasty.

A decision should be made about the future of these DeFi tokens soon enough, according to the TD Sequential indicator.

Featured image from Deposit Photos, Charts from TradingView
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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