Yearn.finance (YFI) is the hottest trending project, according to CoinMarketCap. This comes after an impressive 30% rally in the last 24 hours.
Currently, the price of YFI is around $6,930.48, which is a 30% rally in the last 24 hours and a 54.61% price increase over the last seven days.
In addition to YFI’s impressive rally, the project’s sister community token, DFI.Money (YFII), has also made its way to CoinMarketCap’s trending list, and has been in an impressive rally in the last 30 days as its price now stands at $1,435.07, which is a 97.04% price increase over the last month. It also saw a 215% increase over the last week and an astounding 50% increase in the last day.
4-hour chart for YFI/USDT (Source: CoinMarketCap)
On the 4-hour chart for YFI/USDT, the true magnitude of YFI’s price movement can be seen as it surged from around $5,000 to its current level in just the span of a day. However, the price pulled back slightly as it approached a key resistance level on the daily chart.
The bullish move may be over now as the Relative Strength Index (RSI) is sloped negatively and is now approaching the RSI SMA. In addition, the RSI is in overbought territory, something that cannot remain the case for long in this crypto bear market.
4-hour chart for YFII/USDT (Source:CoinMarketCap)
YFII has been able to rise above a key daily price level and remain above the level. However, the RSI is in extreme overbought territory on the 4-hour chart and the RSI SMA line is closing the gap that exists between itself and the RSI line, which is a bearish flag.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
