NewsPrice Analysis

DeFi Token Rally: LINK and YFI Price Surge Significantly with Bitcoin

Highlights

    Bitcoin shoots past $18,000 for the first time since December 2017

    Yearn.Finance is the most expensive cryptocurrency. At the time of writing is worth $20,285.

As Bitcoin bitcoin price is gained bullish momentum above $18K, major Altcoins and DeFi tokens also rallied over 10% including BCD, BTG, DGB, SNT, YFI, NEXO, RSR, HEDG, BAND, SNX, and NXM.

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Decentralized Finance (DeFi) tokens continue to make drastic moves. The DeFi sector seems to follow YFI’s lead, as it has become one of the primary benchmarks for this fragment of the market.

Along with altcoins, major DeFi tokens are showing significant growth including LINK, YFL, YAM , RENBTC , and SFI.

Yearn Finance : YFI Price Analysis  

YFI price chart

At the time of writing, Yearn finance is trading at $22,865.21 with 12.76% gains. YFI is holding the market cap value of $685,218,245 with $968,540,693 trading volume.

YFI price upward momentum has consistently developed since a bottom was called at $8,000. The YFI token price is likely to lift off to $28K as long as the crucial hurdle is shattered at $24K. However, YFI is still the most expensive cryptocurrency token in the market, despite Bitcoin rallying towards $18K.

The crypto is trading above all the three simple moving averages; the 50 SMA, 100 SMA, and 200 SMA. In other words, the least resistance path is upwards, even ignoring the overbought condition as highlighted by the Relative Strength Index.

Active Crypto analyst explained that the visit to $21,000 will likely mark a short-term top followed by a slight retrace lower. The analyst believes that this will be followed by a rally that allows it to post another leg higher.

YFI’s surge was led by a perfect storm as strong technicals, new products, yield farming, and growth in the popularity of DeFi liquidity pools

LINK price chart

The coin has been clearly outperforming the market for the majority of its existence. Since the beginning of this month, the LINK price has seen large gains from a low of $9.7on November 4 to the current high at $13.4 today. Chainlink clears the local resistance at $12.8 as the coin follows the upward trend.

At press time chainlink is trading at $13.57 with 13% spike. LINK is currently holding a market cap value of $5,325,795,965 with $2,556,117,175 trading volume.

The previous resistance near the $13.00 level is now acting as a strong support along with the broken triangle trend line. The 50% Fib retracement level of the recent rise from the $11.84 swing low to $14.25 high is also providing support.

Key Levels:

  • The MACD indicator is slowly losing momentum in the bullish zone.
  • The RSI indicator is correcting lower towards the 55 level.
  • Major Support Levels – $13.05, $13.00 and $12.20.
  • Major Resistance Levels – $13.65, $14.00 and $14.25.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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