YFI Reclaims Support Post Coinbase Listing, New All-Time Highs In Sight
Yearn.Finance, most commonly referred to as YFI, is one of the hottest DeFi tokens this year and trades at prices three to five times as much as Bitcoin itself. The incredible success story appears to be ready to climb to higher heights, after reclaiming two important supports following the recent Coinbase listing.
Yearn.Finance Has Plenty of Fuel Left In The Tank Despite Recent Crypto Market Pitstop
There have only been very few and far between rags to riches stories in the crypto market since the bubble burst years ago. Even Bitcoin (BTC) and Ethereum (ETH) aren’t making anyone rich these days, with the constant consolidation going on for the last three or so years.
And while that could soon change, for now, its the Band Protocol (BAND), Yearn.Finance (YFI), and Chainlinks (LINK) of the crypto world that are stealing up all the limelight.
Chainlink and other DeFi projects led the initial resurgence into the crypto space, but since then Band has crushed LINK in performance and YFI has sent the DeFi trend into overdrive.
YFI’s own trend is also extremely bullish, and a recent flip of resistance into support could send the asset to another new all-time high.
YFIUSD Daily Price Chart Support & Resistance Flip | Source: TradingView
YFI Reclaims Support, Potentially Targets $75K All-Time High Resurgence Next
According to the daily YFIUSD price chart, the extremely valuable DeFi token is about the become even more so. The Ethereum-based altcoin reclaimed support after a false breakdown and reaction to the Coinbase listing.
In fact, it not only reclaimed horizontal resistance and flipped it to support, but it reclaimed a daily trendline supporting the uptrend thus far. Two previous flips of support and resistance holding have led to an over 170% rise in YFI each time.
Lightning has struck already twice for investors, and that’s rare. Could the third time be the charm still, however? YFI could rise as high as $75,000 per token if a similar rise plays out.
The target also would reach a similar level as the asset’s former uptrend line that it lost in early September when Bitcoin and Ethereum plunged by 20% or more.
Even an asset as bullish as YFI took a beating in the days following. However, the momentum in DeFi tokens and especially YFI, has been too unstoppable for crypto bears to keep down.
Now Yearn.Finance is targeting much higher highs than here. Any coin reaching the price of $75,000 per token before Bitcoin does, is bound to get a lot of attention, which could keep the wind at the backs of bulls and help keep pushing prices even higher from there.
And at a supply of only 30,000 tokens, YFI will almost certainly never have enough supply to keep up with the demand. It might seem like a poor investment choice to buy an asset that already rose from $5,000 to over $50,000 in a matter of weeks, but with just 30,000 coins, things could go bananas faster than Bitcoin ever did.