Although Cronje believes that most cryptocurrencies are too unstable and speculative to invest seriously in them, he is still fascinated by the decentralized financial protocols and incredible returns offered by stablecoin on these platforms. While his colleague was on his honeymoon, Cronje began researching cryptocurrencies, claiming that if his colleague was never married, he would never interfere in the crypto space. Instead of immersing himself in the private sector, he worked on insurance, fintech, big data and distributed books (centralized blockchains). After leaving law school, he completed a three-year computer science program in just 6 months, earning an offer to teach at an institution offering a course. all traders should trade at their own was created by naughty programmer Andre Cronje. We recently witnessed how a single line of bad coding can have a tremendous impact on the project like YAM Finance.ĭisclaimer: This analysis is the view of the author’s alone, and does not in any way represent trading advice. On the flip side, being a one-man show project, this poses a lot of risk the more the project grows as more weight will be put on Cronje’s shoulder. The scarcity of its governance token helps as it embeds the image of a rarity to investors’ mind. With the DeFi hype continuing to funnel in more fresh liquidity, YFI as one of the leading DeFi projects can go further. Andre Cronje, the creator of YFI also claimed that he has zero holdings of the governance token and has entirely passed the ability to vote and direct the project’s course to the community, which is certainly a plus for those who have placed their faith and funds in the protocol. As a matter of fact, this has made YFI the most expensive DeFi cryptocurrency in the world to date. YFI is worth so much due to its highly limited supply cap at only 30,000 tokens available. Read more: Yearn.Finance Unveils New Protocol StableCreditīeing listed on a major US exchange Coinbase Pro also added the fuel to its hype, taking the price up over 20% and successfully created a new ATH last week. Recently YFI just launched a new protocol dubbed “StableCredit.” Now the token is finishing a correction phase with the ABC waves.ĭespite the project being a one-man show, YFI creator Andre Cronje has been able to push out new products at an incredible pace. If played out correctly, this could provide a 105% upside gain from the current price.Ĭounting the Elliott Wave, it is very much possible that YFI has reached its peak on wave 5. The next resistance to break would be the previous ATH at $44K, while blasting through the level could result in a next stop at the 161.8 Fibonacci at $70,000. If price begins to crumble, the first level of support would be at the 0.618 Fibonacci’s retracement at $28,000, dropping past this could result in the test on the ascending yellow trendline right underneath.įlipping back above $40,000 again, however, will resume the bullish momentum. The EMA9, 25, and 50 are now all trending above the current trading price, exposing weakness in the price actions. However, if you look closely, after YFI reached a new all-time high (ATH) at $44,000 it dipped down and began to create a series of lower highs and lower lows. Looking at YFI’s chart on the 4-hour time frame, the big picture still displays a climbing uptrend. YFI is also featured in the SCN30 Index, now ranked 17th on the list of constituents. After being listed on multiple major exchanges a few weeks after its debut, yearn.finance (YFI) has certainly grabbed the attention of DeFi enthusiasts as it rose a thousand percent within a month.
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