While BTC, ETH, and other larger-caps have calmed from their recent wild rally, the leading DeFi tokens have painted remarkable double-digit price increases over the past days.
At present , major DeFi tokens are showing positive signals with few exceptions. YFI , UMA, SUSHI, SNX , RUNE , YFII are showing decent gains.
Yearn Finance, after dropping all the way to $7,500 now staged a decisive rebound and climbed to a fresh monthly high of $19,275. After such a massive run, it’s not a surprise to see YFI price finally slow down and consolidate.
Yearn Finance – YFI Price Analysis
At press time, YFI is trading at $17,996.21 with 3% gains. Yearn finance is currently holding a market cap of $539,305,330 with $456,904,746 trading volume.
The Relative Strength Index (RSI) indicator on the daily chart is currently floating around 60, suggesting that there is more room on the upside before YFI becomes technically overbought.
At Present, the YFI price is testing the next Fibonacci resistance at $18,400 and if it manages to make a daily close above that level, $21,400 could be seen as the next target. Ahead of that level, some buyers might want to book their profits near $20,000 psychological level.
On the downside, a violation of $14,600 could trigger additional sell orders and put YFI under renewed bearish pressure.
Yearn.Finance seems to have established its near-term bottom at $7,500 and market participants could look to capitalize on additional gains if the price clears $18,400 hurdle.
Will it be 1 YFI =2 BTC?
With the increase in BTC, YFI faced intense selling pressure. For Yearn.finance (YFI), the focus is again on Bitcoin (BTC), the leading cryptocurrency. Bitcoin’s price movements had a significant impact on Yearn.finance and other DeFi tokens.
Popular crypto trader and analyst with twitter handle @TheCryptoDog shared the above chart. He believes that 1 YFI price will be soon trading at a price of 2 BTC.
Another Crypto Analyst with twitter handle @CryptoUB also seems to be bullish on YFI price. According to him YFI Price is all set to break above $20,000.
He pointed out that Yearn. finance appears to be a bullish triangle formation, with these patterns often resulting in upwards breakouts during bull markets.