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Yearn.finance (YFI) Is Now Up 100% in the Span of 36 Hours

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Yearn.finance (YFI) has gone parabolic as a massive short squeeze has taken place. The <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is up over 100% in the span of 36 hours, after falling as low as $7,500 on Thursday morning.

YFI currently trades for $16,200 on leading futures exchanges, though it peaked as high as $18,000 just minutes ago. YFI’s rally has allowed the cryptocurrency to reclaim its seat as one of the largest 50 cryptocurrencies by market capitalization.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Yearn.finance (YFI) Erupts Higher

While YFI is exploding higher, the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is not yet overextended as per futures data. The funding rate of the YFI futures market on Binance currently is 0.01%, which is a baseline level. The funding rate is the fee that long positions pay short positions on a regular basis to keep the price of the future close to that of the spot market.

YFI may be overextended from a technical, perspective. All of its momentum indicators are at all-time highs, suggesting the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin may be overbought in the near term.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: YFIUSD, YFIBTC, YFIETH
Charts from TradingView.com
Yearn.finance (YFI) Is Now Up 100% in the Span of 36 Hours

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