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What next as Yearn.Finance token surges 44% in a week?

  • Yearn. Financial arbitrage lending platforms for the best interest rates
  • Yearn.Finance token is up 44% in a week.
  • The cryptocurrency has encountered resistance and investors should watch out for lower levels.

In a week of cryptos posting mixed returns, Yearn.Finance YFI/USD is among the few with strong gains. With 44% 7-day yield, the token is rivaled only by Filecoin and Optimism in the top 100 coins. The gains are even more notable as YFI broke a crucial bottom. Does that mean it is on track to repeat last year’s gains?

Yearn.Finance runs on the Ethereum blockchain. The protocol has made a name for itself in crypto by brokering various lending platforms. These include Compound, Aave and dYdX. It maximizes returns for users by choosing the platforms with the cheapest plans. Users also earn YFI tokens by betting on the protocol. Users can lock more crypto assets through “yield farming” to increase their earnings.

YFI’s recent gains underscore that investors believe DeFi is the future. Other DeFi platforms like Aave and Compound are up double digits. It was only a matter of time before Yearn-Finance followed suit.

Yearn.Finance meets resistance after weekly gains

Source – Trade View

YFI has faced resistance at $12,400 after recent price gains. The token is slipping and is currently trading at $10,630. MACD indicator is bullish but momentum is fading.

We believe that YFI will correct if investors take profits in the resistance zone. However, with the token well above the key resistance at $7,250, it is on track to scale higher levels. The cryptocurrency might correct to support or the moving averages. Investors should sell and buy lower.

summary

YFI is up 44% in one week. Investors are taking profits after the token hits resistance. Investors should buy the token as soon as it settles at appropriate support.

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