Yearn finance closed above the $40,000 level during the early trading sessions at the start of the week as the YFI/USD exchange rate established an intraday high of $42,425 with a 13.72% rally. Following the latest analysis in our altcoin news, we are looking into the price charts some more.
YFI experienced a sell-off as well during its session top as traders booked their intraday profits and caused the cryptocurrency to drop lower by 8.50 during the European sessions. The support level of $38,990 protected the price from dropping lower. Yearn finance closed above $40,000 and reclaimed some of the intraday profits after establishing a session support level. the continuation of the uptrend expected to lead the pair to the all-time high of $44,003 with a bullish target lurking close to the $50,311.
Breaking below the support level always brings a risk of a price trading towards $35,070 with an extended downside target of $31,993. The latest winning round for the yearn.finance market followed by YFI’s listing on Coinbase pro, led the asset to reclaim its previous positions. The exchange announced earlier today that it had started allowing traders to deposit their YFI tokens into the platform and excerpts from the announcement shows:
“Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”
The news became a milestone for YFI which is a cryptocurrency that registered once before, a record-setting bull run with a 40x price appreciation since the launch in July. The rally came as yield hunters picked YFI for its ability to govern a lending aggregator with $700K returning in profits. Traders got into YFI because it was worthless at the time of the launch so it was cheaper to hold. However, the token is now backed by a profitable business model as Connor Demsey of Messari noted:
“Given that most of the participants were already heavily embedded in the DeFi ecosystem, many have shifted their focus to working on Yearn Finance full time. With an army of incentivized volunteers, yearn.finance is shipping new features like crazy. As with yearn’s yield-optimizing smart contracts, all of these new features are value accretive to YFI token holders.”
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