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Yearn.finance price remains in an advantageous position despite its strong correction at 35% from local high

It seems that Yearn.finance (YFI) price is still in a favorable position despite a strong correction from previous highs. At press time, YFI is trading around $ 24,178, down almost 18% over the past 24 hours. This seems to be due to the impact of Bitcoin’s decline as other traditional financial markets were also affected by the dollar’s appreciation.

yearn-finance-price-remains-in-an-advantageous-position

Like Bitcoin, the Yearn.finance price has been facing a strong pullback in recent days

Observing the chart below, it can be seen that the cryptocurrency working on the Ethereum Blockchain has been facing a sharp correction in recent days after peaking at $ 40,000.

However, do not be pessimistic because based on technical factors and around the Yearn.finance ecosystem, it can be seen that YFI still has a chance to grow after the recent strong downtrend.

According to blockchain analysis firm Santiment, the reason why YFI’s price remains in a positive state from a long-term perspective is not too hard to understand. The company notes that Aave users are working hard to send YFI to lending pools, and interest in the coin is still growing strongly. Moreover, the data also shows that investors are actively accumulating YFI.

All these trends will drive Yearn.finance price higher in the long run. As well as that, the basic Yearn.finance protocol has continued to capture a large number of users and an increasing fee. This will allow YFI to accumulate value in the long run.

If DeFi continues to grow, Yearn.finance is wholly positive enough

While YFI is not exclusively linked to all DeFi protocols, many analysts consider the coin to be fundamentally a decentralized financial indicator.

Fortunately, this cryptocurrency segment is expected to continue to grow as a capital, manpower, and finance continue to flow into the DeFi market. This bodes well for this Ethereum-based coin. And even, Yearn.finance is likely to grow even more as DeFi gains traction.

As for why YFI is on track to see long-term growth, Andrew Kang, crypto venture capitalist and DeFi analyst, emphasized that there are market trends that indicate bullish momentum, Chief has just begun.

He said:

“DeFi has been around for years but has only recently received serious recognition in the crypto community. But even with the buzz, the levels of understanding, usage, and capital allocation are all still low with high upside potential. **DeFi development** It’s hitting an inflection point. Those that have followed the space know how hard it is to keep up with the new projects even when researching on a full-time basis.”

Other investors in this sector are expecting more growth. They argue that the lack of returns provided in traditional finance when compared to DeFi is the reason why the space is not open. YFI benefits from all of this, especially if it continues to be the top profitable aggregate asset class.

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