Yearn.finance price rockets to $20,000 as DeFi roars awake
- Yearn.finance rolls to life again after embracing a market bottom at $8,000.
- The DeFi boom is quickly coming back as tokens within the sector record impressive gains.
Yearn.finance is among the biggest gainers in the last 24 hours following an impressive rally. The decentralized finance (DeFi) project is up over 27% to change at $18,790. Recently, the downtrend hit a market bottom at $8,000, allowing bulls to shift their focus upwards. Besides, the token was extremely oversold, calling for a recovery.
The DeFi sector as a whole also suffered greatly due to the selling pressure in the last couple of months. As Bitcoin soared to new yearly highs, tokens in this relatively new ecosystem bled profusely. However, a glance at the same tokens shows a remarkable comeback this week.
For instance, Aave is up 15% in the last 24 hours and 130% in the last seven days. Uniswap has also grown by double figures. Other outperforming projects include Compound, Loopring, Reserve Rights Token and Balancer.
The total value of the funds locked within the ecosystem has soared massively to the prevailing $12.9 billion. Uniswap leads with a 23% dominance, followed by Maker and wrappedBTC. Yearn.finance holds at the ninth position, boasting of $366 million of locked funds.
Meanwhile, the token, YFI seems to be firmly in the hands of the bulls despite the majestic rally from $8,000. Resistance was encountered under $20,000, temporally halting the breakout. The Relative Strength Index reinforces the bullish outlook as it zooms into the overbought region.
YFI/USD 4-hour chart
A golden cross formed by the 50 Simple Moving Average crossing above the long term 100 SMA suggests that buyers will remain in control longer. On the other hand, a breakout above $20,000 is likely to catapult Yearn.finance to higher levels, perhaps $30,000.
It is worth mentioning that losses will come into the picture if the seller congestion at $20,000 remains intact. In case the prices stall, sellers will find a gap to explore and will consider pulling YFI downwards. Support is envisaged at $14,000, the 200 SMA, and $12,000, as highlighted by the 100 SMA.
Yearn.finance intraday levels
Spot rate: $18,790
Relative change: 480
Percentage change: 2.6%
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