Previous article Yearn.finance surges to $25,000 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Yearn.finance surges to $25,000 Yearn.finance surges to $25,000 By - min read 18 November 2020 YFI’s price surged by more than 20% as DeFi bulls looked to bounce right after Bitcoin soared to $18,000 DeFi token yearn.finance (YFI) skyrocketed by more than 20% as the crypto bull market picked fresh upside pressure. As the Bitcoin price exploded above $18,000 to excite the crypto market, YFI bulls pushed higher to add close to $4,000 to the token’s value. The upside saw YFI/USD jump from just over $21,000 to touch an intraday high of $24,885. The token has, however, corrected lower and trades around $23,400 at the time of writing. It is likely that sideways trading or dips to a $22,000-$21,000 range will follow before another fine move towards the $25K resistance. YFI price outlook YFI’s price remains in a bullish trend despite running into a bit of downside pressure as shown on the 4-hour chart. The token has printed two red candles on the chart, coming after the latest rally saw YFI/USD break above a rising channel pattern. The price is however above the 20-day exponential moving average as well as the 50-day simple moving average. These levels provide support in the event that bears force prices beneath the upper boundary of the channel. YFI/USD 4-hour price chart. Source: TradingView On the 1-day log, the YFI price has a healthy support zone at the 20-day EMA at $16,635 and 20-day SMA at $14,665. Although the daily RSI suggests a bearish turn, bulls will likely remain in charge as long as the price does not drop below the trendline. YFI/USD daily price chart. Source: TradingView Despite the YFI price still having a long way to go before reaching its all-time peak of $44,000, the rally to $25,000 is impressive given the token was trading at lows of $7,500 as of 05 November. If the strong fundamental front holds, and the larger DeFi market rebounds, YFI price could test resistance at the $30,000-$32,000 range. At the time of writing, the total value locked (TVL) in DeFi protocols is over $13.4 billion, with investors locking 11% more value in YFI over the past 24 hours. There’s currently more than $13.4 billion in DeFi TVL, $414 worth of assets in YFI. However, yearn.finance lags SushiSwap, Aave, Uniswap, Compound, WBTC and Maker which have more than 1 billion each in TVL. Share this article Categories Analysis