Yearn Finance’s token, YFI, closed its early trading session today at over $ 40,000. YFI, the popular DeFi coin of recent times, was trading at $ 38,957 at the time of writing.
The YFI / USD exchange rate rose to $ 42 thousand 425 during the day after an increase of 13.74 percent. The strong upward move came with the top cryptocurrencies Bitcoin and Ethereum trading under the weight of sellers, despite a weak upward trend elsewhere.
YFI also experienced a decline after the session peak. Investors split their intraday profits, which caused the cryptocurrency to drop by 8.50 percent. However, a support level hidden around $ 38,990 kept the price from falling anywhere.
YFI / USD retraced part of the intraday profit after setting the session support level. The uptrend is expected to continue, with the pair approaching its all-time high of 44,000, and the primary bullish target to be around $ 50,311.
Conversely, going below the support level risks sending the price to $ 35,70 with an expanded downside target at $ 31,993.
Ascension Steps in YFI
The most recent win on the Yearn Finance market came after YFI listed it on Coinbase Pro. The US-based crypto exchange announced earlier today that it allows investors to deposit YFI tokens on its platform. Starting Tuesday, trading in the DeFi cryptocurrency will begin. They used the following expressions in their announcements:
“Once sufficient YFI supply is provided on the platform, trading on our YFI-USD order book will begin in four stages.”
The news may have triggered an important rally for YFI. Investors flocked to the Yearn Finance protocol because YFI was practically worthless at the time of its release, thus cheaper to hold. However, the token was still supporting a profitable business model to select DeFi pools that provided the best return for users and earn an income from it.
This is why YFI attracted a lot of attention and the concept of “worthless” expressed at its release remained rather ironic next to the crypto currency. YFI was trading at $ 38,957, according to Coingecko data at the time of writing.