Yearn.finance beats Bitcoin all-time high to set a bar for itself close to $40,000.
YFI/USD establishes support above $30,000 following rejection from the weekend high at $38983.
The decentralized finance darling, Yearn.finance has easily become the most expensive cryptocurrency in the world. YFI did not only surpass Bitcoin’s all-time high at $20,000 but also rocked to new all-time highs at $38,983. On some exchange platforms, the token hit highs above $70,000.
According to the data provided by CoinMarketCap, Yearn.finance has crossed the $1 billion mark in terms of market share. In the last 24 hours, YFI has attracted a trading volume of $972 million. It is currently the 23rd largest cryptocurrency in the world after growing in value by 20% in the last 24 hours and 170% in the last seven days.
From a technical perspective, Yearn.finance appears to have established support above $30,000. Itself, is trading at $34,755 (on Binance). The immediate downside is protected by a sharply ascending trendline. In the event the crypto freefalls under $30,000, the 61.8% Fibonacci level taken between the last swing high at $38,983 to a swing low at $11,844. This same zone forms a confluence support with the 12 Simple Moving Average (SMA) in the 4-hour range.
Yearn.finance appears to have the potential to hit highs above $40,000. The Moving Average Convergence Divergence (MACD), for example, is holding strongly above the mean line. It features a wide bullish divergence, cementing the bulls’ position in the market. The gap formed by the 12 SMA above the 21 SMA also shows that the trend is leaning more to the bullish camp. If volume continues to grow, we can expect YFI to sail above $40,000 in the near term.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com