Year Finance had magnificent inception in the world of cryptocurrencies as it became very much popular right from the beginning. The YFI token is the only token which recorded huge highs above $90k, more than Bitcoin. However, ever since then the YFI price has maintained a huge downtrend. However, in the past couple of days, the asset is attempted to leap high, while the target remains misty.
The May crash has no doubt slashed the prices of many cryptos, yet YFI experienced the most. The asset after hitting higher highs beyond $90k plunged down to as low as $23k. Since then the asset has trended in a very narrow region but below $40k.
The YFI price bounced soon after hitting the lower support levels just below $20,000 and ignited a huge rally to trend above $35,000.However, the crucial resistance levels lie in between $41,800 to $43,900 which needs to be sustained and also cleared in the upcoming days. And hence the asset is required to pierce through these levels in order to certify with an uptrend. No doubt targets are pretty far-off, yet the asset can rally high to achieve somewhere in Q1 2022.
Overall, Yearn. Finance initiated the DeFi trend in the crypto space. Until the YFI rally, the DeFi space remained under the shadows of the traditional cryptos. However, the gigantic rally showcased its huge strength compared to the other assets, especially Bitcoin. Now when the BTC price is hovering within narrow regions, it’s obvious that the other assets may also showcase a similar trend. Yet YFI price is believed to be independent and hence is expected to resume with its monstrous rally yet again.