The crypto market ended 2021 on a low note, given that Bitcoin failed to hit the predicted $100,000. However, the downtrend has not been consistent across the market. While some coins are dipping, others are consolidating or making notable highs. One of the top gainers during the past 24 hours is Yearn Finance.
Yearn Finance is trading at $41,168 at the time of writing after a 13.8% gain in 24 hours.
Yearn Finance price analysis
Yearn Finance has been attempting a recovery during the past 24 hours. In mid-December last year, the token made a notable dip, which could have exhausted the downtrend.
Over the past month, data shows that YFI has gained around 48%. This shows a strong recovery that could have been prompted by traders who bought during the extreme lows of around $20,000 in mid-December 2021.
The uptrend is currently strong, showing signs of holding because of the growing buyer support. In this case, YFI could test the next resistance at $42,000. From this point, the next target will be set at $45,000, but such highs are more likely to be achieved with a combination of buyer and market support.
On the downside, the buyer and market support could prove weak and halt the current uptrend. In this case, YFI could push towards the lower support levels at $38,000. Such lows will be triggered by selling pressure as buyers dispose of their holdings.
Yearn Finance’s breakout has been related to the headlines making round regarding the project. The token stirred market attention after news hit the market regarding a proposed change in tokenomics. The proposal states that a part of the YFI bought by the project’s treasury should be distributed as rewards to token holders that actively participate in the protocol’s governance.
Where to buy YFI
If you want to buy YFI during the current uptrend, you can open a cryptocurrency exchange account on eToro. eToro is one of the leading exchange platforms, and it supports a wide range of cryptocurrencies and trading pairs. It also supports user-friendly features such as copy trading that allow a new trader to copy the trading strategies used by expert traders.
Your capital is at risk.
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