Buy Signals Trigger On DeFi Tokens Chainlink & YFI As Hopes Of Rebound Mount

Buy Signals Trigger On DeFi Tokens Chainlink & YFI As Hopes Of Rebound Mount

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Featured image from Deposit Photos, Charts from TradingView

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

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

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

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.
The cryptocurrency was already the best performing asset for almost two full years running, then this year went on to rise from around a on Black Thursday, to per LINK token at the peak.
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 | AFTER 50% DROP, CHAINLINK (LINK) IS REACHING A DO OR DIE TECHNICAL LEVEL

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

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

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