MarketNews surges to $25,000

The price of YFI increased by more than 20% as DeFi bulls looked to bounce right after Bitcoin climbed to $18,000.

As the crypto bull market gathered fresh upside pressure, DeFi token (YFI) skyrocketed by more than 20%.

YFI bulls advanced higher to add near $4,000 to the token’s value as the Bitcoin price soared beyond $18,000 to excite the crypto market. The upside saw YFI/USD leap to hit an intraday high of $24,885 from just over $21,000.

Nevertheless, at the time of publishing, the token has corrected lower and trades about $23,400. It is possible that before another fine step towards the $25K resistance, sideways trading or dips to a range of $22,000-$21,000 will follow.

As seen on the 4-hour map, YFI’s price remains in a bullish trend despite running into a bit of downside pressure. The token printed two red candles on the chart, coming above an increasing channel trend after the latest rally saw YFI/USD split.

Nevertheless, the price is above both the 20-day exponential moving average and the 50-day simple moving average. These levels protect if prices are put under the upper boundary of the channel by force.

The YFI price on the 1-day log has a healthy support zone at $16,635 for the 20-day EMA and $14,665 for the 20-day SMA. Although the daily RSI indicates a bearish turn, as long as the price does not drop below the trendline, bulls will likely remain in control.

The rally to $25,000 is remarkable considering the token was trading at lows of $7,500 as of 05 November, despite the YFI price still having a long way to go before hitting its all-time high of $44,000.

YFI price could challenge resistance at the $30,000-$32,000 range if the solid fundamental front holds, and the larger DeFi market recovers.

The total value locked (TVL) in DeFi protocols is over $13.4 billion at the time of writing, with investors locking up 11 percent more value over the past 24 hours in YFI. Currently, DeFi TVL has more than $13.4 billion, and YFI has $414 worth of assets. lags SushiSwap, Aave, Uniswap, Compound, WBTC, and Manufacturer, however with TVL each having more than 1 billion.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button