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What next as Yearn.Finance token shoots 44% in a week?

ByNdasi Tata

Aug 5, 2022
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1640720889581 d26f7b50 1693 430f ac70 ac695d08e95f

  • Yearn. Finance arbitrages lending platforms for the best rates
  • Yearn.Finance token has risen by 44% in a week.
  • The cryptocurrency has met resistance, and investors should watch lower levels.

In a week where cryptos have mixed returns, Yearn.Finance YFI/USD is among a few with strong gains. With 44% 7-day returns, the token is only rivaled by Filecoin and Optimism in the top 100 coins. The gains are even more remarkable because YFI has overcome a crucial bottom. Does that set it on course to replicate the gains of last year?

Yearn.Finance runs on the Ethereum blockchain. The protocol has carved a name in crypto by arbitraging diverse lending platforms. They include Compound, Aave, and dYdX. It maximizes returns for the users by selecting the platforms with the most favorable rates. Users also earn YFI tokens by staking on the protocol. Users can lock more crypto assets through “yield farming” to raise their earnings.

The latest gains in YFI underline that investors believe DeFi is the future. Other DeFi platforms such as Aave and Compound have been rising by double digits. It was just a matter of time before Yearn-Finance followed. 

Yearn.Finance hits a resistance after weekly gains

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Source – TradingView

YFI has met resistance at $12,400 following the latest gains. The token is sliding and currently trades at $10,630. The MACD indicator is bullish, but the momentum is waning. 

We believe YFI will correct as investors take profit at the resistance zone. However, with the token well above key resistance at $7,250, it is on course to hit higher levels. The cryptocurrency could correct to the support or the moving averages. Investors should sell and consider buying lower.

Summary

YFI has gained by 44% in a week. Investors are taking profits after the token hits the resistance. Investors should buy the token once it settles at suitable support. 

The post What next as Yearn.Finance token shoots 44% in a week? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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