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YFI's price seems to be gearing for a rebound as per technical indicators
Yearn Finance announces collaboration with the Cream lending protocol.
Bitcoin plunged yesterday in a sell-off that saw other digital assets fall more than 20%. The crypto markets are achieving more stability ahead of yesterday’s bearish trend.
With an interesting turn of events, most altcoins like LINK, ADA, YFI AAVE and few more are leaning towards the bullish zone since the last 24hrs.
For a week, Yearn.finance’s YFI token was facing immense volatility. However, the Defi token is now recovering from its recent lows and the YFI price is now attempting to hold above a crucial resistance level.
YFI Price Analysis
Following a huge retracement that sent the YFI price below $21,000, now seems that it is on the cusp of an upward trend. After trading in treasonable zones for a while, technical indicators show that the digital asset might not remain there for long.
At the time of writing, YFI is trading at $23,658.53 with a 23% surge. The token is currently holding a market cap value of $708,993,151 with $874,111,615 trading volume.
The TD Sequential indicator provided a buy signal on Yearn.Finance’s 6-hour chart. The bullish formation came as a red nine candlestick, indicating a potential upswing on the DeFI token’s sight.
The significant resistance level ahead of Yearn. Finance sits at $25,000. The MACD indicator is slowly moving in the bullish zone. However, If the support level at $25,459 fails to hold, the nearest price target would be the 100-SMA at $21,230, from which the price could potentially rebound towards the lower boundary of the channel as a re-test.
Also Read : Top 5 Reasons XRP Could Hit $1 This Year
Yearn Finance and Cream Finance in Collaboration
Two days after Yearn Finance (YFI) and Pickle Finance joined forces in DeFi’s first effective merger, Yearn founder Andre Cronje published details of another upcoming integration with Cream, a lending protocol similar to Compound and Aave.
The official Blogspot states how the two protocols will cooperate for the launch of Cream V2. With this collaboration, the teams will merge development resources and build several symbiotic interactions between the two protocols.