How the crypto market missed the 142% rally of the most expensive token after Bitcoin
Yearn Finance price shot up in the last couple of days, making it one of the biggest gainers of the recent short-term bull run. ...
- Yearn Finance (YFI) price increased from $5,957 to $14,452 in just ten days.
- YFI emerged as the second biggest gainer in the market, following Celestia's 172% rise.
- The anticipation of Yearn V3's launch announcement drove the rally, but the low volume indicates limited participation.
- Despite being the second most expensive cryptocurrency and the most expensive altcoin, YFI lacks utility, resulting in low trading volume.
- The altcoin's price is currently at $14,457, with a 142% rise in the past ten days.
- The altcoin shows potential for further increase, indicated by the MACD indicator and the absence of a bearish crossover.
- To sustain the rally, YFI needs to establish $14,132 as a support level and aim for $15,000 and beyond.
- However, if the market cools down and bullishness fades, YFI could decline and potentially fall to $12,200 or even $10,000.
The article provides a mixed sentiment. It highlights the positive aspects of YFI's price increase and potential for further gains. However, it also mentions the lack of utility and low trading volume as concerns.