Yearn Finance is a decentralized finance (DeFi) platform which was launched in 2020. The platform aims to simplify and automate the process of yield farming, which involves earning interest on cryptocurrency assets by lending them out to other users on various DeFi protocols. Yearn Finance is a yield aggregator that helps users maximize their returns by automatically moving their assets between different DeFi protocols based on which offers the highest yield at any given time. This is achieved through the use of smart contracts and advanced algorithms that analyze market data and execute trades automatically.Yearn finance token has recently seen a strong surge of more than 39% as it has teased about Liquid staking product for ETHER which has increased the investor sentiment.It has recently hit a 6 months high and can see a continuation in price in the near future.
YFI has a market cap of $348 Million and is ranked 118th in the cryptoverse.Volume of the YFI has seen a decrease of over 20% in the intraday session.Volume to market cap ratio of YFI suggests a consolidation in price.
Are Bulls Of YFI Ready To Push?
The weekly technical chart of the YFI suggests a weak upside trend in price.It has hit a six months recently and may see a new high.On the daily chart it is trading near the value of $9455 and has seen a gain of 2% in the intraday session.The upside momentum of Yearn Finance can be seen near $12000.Meanwhile the support of the asset price can be seen near $8000.It is trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high in the future.
RSI of the YFI is currently near 62 suggesting its presence in oversold zone. There is a zero slope in RSI which can push the asset price to a new low
Conclusion
Yearn Finance has recently hit a six month high and can continue the same path. It has seen a surge of 39% in the recent months. YFI crypto price suggests an upside trend in price.
Technical Levels
Major Support:$8000
Major Resistance;$12000
