Yearn Finance (YFI) Headed to $70,000?
The crypto market in general may be trading with a bearish mood on Tuesday, but there’s one promising avenue that appears to be swimming against the current and trading in the green. Yearn Finance is enjoying a bullish momentum with its token YFI touching new ATH in USD terms.
At the time of writing, YFI/USD is trading at around $68,000 after touching a record high above the $68,000 level before easing lower on profit-taking by investors. The governance token has been making gains even as leading cryptocurrencies turn bearish after touching record highs, especially Bitcoin and Ethereum that touched $65,000 and $4,000 respectively.
Although the price of YFI was unable to hold on to the ATH level, technical analysis of the chart indicates that the price appears to be undergoing some consolidation under the level as of now. Once the buying interest strengthens, the bull run could get another boost and take price above this ATH and possibly towards a test of the key $70,000 level.
So far this year, Yearn Finance has gained almost 160% of its value, a very conservative gain in comparison with leading cryptocurrencies that have seen their value rise significantly higher. Increasing interest among institutional investors have been the main driver of the bull run in the crypto market.
With DeFi garnering higher attention among investors – both retail as well as institutional, YFI is expected to experience more gains in the medium term going forward. After a bit of a rocky start in 2021 due to funding deficits, the Yearn Finance Group launched promising upgrades which have helped its TVL to rise to more than $4 billion as on date.
Key Levels to Watch
After easing lower after reaching a new ATH earlier in the day, the uptrend has strengthened once again, taking YFI/USD closer to the $70,000 level. The MACD and momentum indicators indicate a bullish bias, with the immediate resistance sitting just under the $72,000 level for now. In case buyers are unable to break past this level, prices can slide down until $62,000 where YFI could find some support.
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