Yearn Finance’s YFI rose up to 16 percent in just two days of trading, despite its peers in the cryptocurrency market bleeding.
The decentralized financial token made an intraday high of $ 25,858 in the early trading session in London. At its weekly low, the YFI / USD exchange rate was just $ 17,605, according to data pulled from the Binance crypto exchange.
The couple showed signs of recovery afterwards Yearn Finance announced the merger with Pickle FinanceThis is a unique partnership between two decentralized finance projects. Pickle Finance is an income project that is about getting the pens from the stablecoins.
Two days after the merger, Yearn Finance a similar partnership with Cream, a decentralized credit protocol that runs on the Ethereum blockchain. A day later – on Friday – rumors were circulating that the founder of Yearn Finance, Andre Cronje, was also merging (or taking over?) The decentralized exchange SushiSwap.
The native DEX token SUSHI rose 17 percent on the news.
Andre Cronje stakes over $ 800,000 $ SUSHI
– LilMoonLambo @ (@LilMoonLambo) November 27, 2020
Some skeptics criticized Mr. Cronje for unilaterally signing new partnerships without calling for a government vote among YFI owners. Even so, the majority of the Yearn Finance community ignored the criticism when they tacitly showed their support for anything that makes the YFI ecosystem grow.
Some of the happy ones were called Yearn Finance, the first up and coming DeFi conglomerate. This also explained why YFI made a comeback restore in a week that saw even top cryptocurrency tokens fluctuate. At best, the token served as a hyped protection.
“Acquire” complete projects (for 0 YFI) instead of developing new functions ” commented Tom Shaughnessy, co-founder of Delphi Digital, an investment research firm. “While the LT upper limit for purchased tokens may currently be TBD, their developer / project / liquidity acquisition is for YFI long term. “
YFI Trade Setup
Tech-wise, YFI was showing a short-term corrective trend, particularly after rising 338 percent from its early November nadir at $ 7,015. Following the recent mergers, the DeFi token expects to resume its uptrend in the coming sessions, provided it receives support above certain price floors.
Yearn Finance posts gains in choppy trading sessions. Source: YFIUSD on TradingView.com
The first is the range between $ 14,729 and $ 18,761, which has historical significance as both resistance and support. If YFI / USD falls below this range, there is a risk that the entire uptrend will be dumped by targeting price below $ 12,000.
Thanks to its fundamental outlook, confirmed by Mr Shaughnessy, the YFI may still have enough fuel to find support above the $ 14,729-18,761 range. If so, YFI will consider retesting for $ 30,000.