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YFI’s price rose for the fifth straight day as investors bought the DeFi cryptocurrency’s decline. Yearn Finance rose to $11,350, its highest since May 12 of this year. Up nearly 172% from its lows this month, its market capitalization topped $358 million.
Yearn Finance One of the oldest blockchain projects in the decentralized finance (DeFi) industry. Founded by industry guru Andre Cronje. Cronje is also known for creating platforms such as Wonderland and Abracadabra.
This platform only allows people to profit from cryptocurrencies. At its peak, Yearn’s total value lock (TVL) exceeded his $6 billion, making him one of the largest platforms.
More recently, however, the platform has lost momentum as the number of people using it to grow their wealth has dwindled.DeFi Llama says Yearn Finance has a TVL of around $660 million. It has been overtaken by other platforms such as Lido, Maker and Compound. Yearn is built on top of the Ethereum, Arbitrum, and Fantom blockchains.
Yearn Finance was created to become the Amazon of the blockchain industry. After depositing funds on the platform, we scrutinize the market to identify the best returns on other protocols such as Aave, Curve and Compound. So users can optimize their earnings in just a few steps.
YFI prices are rising as investors predict increased demand for DeFi tokens now that the industry has survived this year’s crisis. In fact, many of his DeFi platforms have been left intact despite other centralized platforms such as Voyager Digital and Celsius filing for bankruptcy.
The 4-hour chart shows that Yearn Finance prices have been in a strong bullish trend for the past few days. It has crossed the June 24th high of $8,100, a key resistance level. Yearn has broken above the 25-day and 50-day moving averages and the Relative Strength Index (RSI) has broken above the overbought level.
Still, the coin is extremely overbought and could pull the price back in the next few trading sessions. If this happens, we will retest support at $8,109, about 30% below current levels.
