Yearn.Finance Price Up by 6.37% – Time to Buy YFI?
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The crypto market seems to be waking up to a bullish trend as the aggregator service provider Yearn.finance, has made gains in the last few days. Yearn.finance is currently on a rally, a strong motivator for investors to buy YFI.
Yearn.finance is an aggregator service for Decentralised Finance (DeFi) investors. The DeFi-focused protocol aims to simplify the DeFi space by providing a less complex space for investors who are not so technically minded. Yearn Finance allows them to use automation to maximise profits from yield farming.
The technical and fundamental indicators of the asset will help us determine if this is a good time to buy YFI.
YFI Riding the Bullish Waves
Some cryptocurrencies are moving against the present bearish crypto market; among these outliers is Yearn Finance, which is consistently pushing past support prices.
YFI is trading at $33,276, indicating a 6.37% increase in the last 24 hours. The ERC-20 token dominates 0.06% of the total crypto market and is the 80th most valuable crypto asset by market cap.
The market valuation of Yearn.finance is moving on the green side of the spectrum, recording a 7.71% increase over the last day at $1.2 billion.
The 24-hour trading volume, however, is on the decline as the asset is down by 1.79%, with a total of $463 million traded in the past day.
Long term statistics of the digital asset are remarkably bullish. The digital asset has recorded an 11.99% increase in the last six months, and its year-to-date (YTD) records a 52.81% increase.
In the last 12 months, Yearn.finance accrued up to 41.10%, which is a confidence booster for investors seeking to buy YFI.
The utility token, YFI, is predisposed to raking in more gains as the broader crypto market runs up on bulls in the first quarter of 2022.
YFI Technical and Fundamental Analysis
YFI’s short term indicator is proof of the bullish trend as the current price sits above the 20-day moving average (MA) support price of $25,105. The 200-day MA also indicates that YFI is on a bullish trend, at the price mark of $33,009.
The 14-day Relative Strength Index (RSI) depicts that the asset is trading in the underbought region with a figure of 63.69.
The moving average convergence and divergence (MACD) indicator reflect a strong buy signal with the green trend line taking the lead, showing that it is a good time to buy YFI.
Yearn Finance’s upturn in price is due to fundamental improvements, which strongly motivate investors to buy YFI.
In a recently released proposal, Yearn.finance disclosed that it aims to evolve the YFI tokenomics by locking up YFI using a ve-style for four years. A longer locking duration will give a greater share of voting power and share YFI rewards.
The proposal also introduces vault gauges where vault depositors can stake their vault tokens and earn YFI rewards according to their veYFI weight.
The adoption and implementation of this proposal will bring the valuation of YFI tokens up by a substantial figure in the coming weeks.
In addition, Yearn.finance has recently purchased up to $7,526,343 worth of YFI from the circulating supply. The purchase is equivalent to 282.4 YFI and makes up 0.77% of the total supply.
The treasury at Yearn has managed to save up to $45 million worth of YFI. With an optimistic outlook on the digital asset’s earnings, Yearn aims to provide more aggressive buyback rewards for users of the Yearn Finance blockchain.
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