The cryptocurrency market has been volatile for the past few weeks, with regular ups and downs. Yearn.Finance skyrockets 70% despite these market ups and downs. Nonetheless, the market has been very profitable over the past six days due to the altcoin suck, and the total market capitalization has risen to $1.074 trillion. It has been considered one of the most important factors contributing to the yearn.finance YFIThe auction continues. The cryptocurrency market had struggled to recover from the downtrend that began in May, but the small gain was insufficient to free YFI from the hold of the seller.
However, the situation improved this week as yearn.finance YFI recouped some of its June losses and some of its May decline by capitalizing on broader market signals. The gains in digital assets and yearn.finance YFI, however, were short-lived as the crypto market failed to maintain its bullish bias and fell below $1.074 trillion.
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Yearn.Finance Rockets 70% – Fast Price review
The current yearn.finance price is $11,001.5 with a 24-hour trading volume of $189 million. Yearn.finance fell 2.51% in the past 24 hours, while it jumped 70.85% in seven days. The market is currently ranked 92, with a live market capitalization of $403 million. With a maximum supply of 36,666 YFI coins, there are 36,638 YFI coins in circulation.
Crypto Bear Market
The cryptocurrency market fell further as it tried to hold on to the gains made in July. The reason could be linked to geopolitical tensions, which have reduced investors’ risk appetite. Cryptocurrency market capitalization fell 3.06% from the previous day to $1.05 trillion. During the same period, major cryptocurrencies such as Bitcoin, Ethereum, Polygon, Shiba Inu, Dogecoin and Polkadot lost up to 12% of their market capitalization.
Bitcoin fell back to $22,000 after briefly approaching the $25,000 mark late last month. It was close to crossing the $25,000 mark at the end of last month. As a result, the crypto bear market was seen as one of the main factors behind the fall of other currencies.
US dollar recovery
Since the start of the day, the broad-based US Dollar has turned green as market risk aversion sentiment tends to support safe-haven assets such as the US Dollar. The dollar index, which compares the value of the US dollar to six other currencies, rose 0.3% to 105.65. As a result, the strength of the US dollar was seen as another important factor keeping cryptocurrencies under pressure.
Yearn.Finance Technical Outlook
The YFI/USD pair consolidates at $11,288 and remains in a tight trading range of $10,750-$11,550. On the 4-hour chart, YFI has already made a 50% Fibonacci retracement at $10,750. It now acts as immediate support. A break below this level could send YFI even lower, towards the 61.8% Fibo level of $9,928. Leading technical indicators such as the RSI, which is in the bullish zone, diverge from the MACD, which is in the sell zone.
Simultaneously, the 50-day EMA (exponential moving average) indicates a bullish trend. This could keep YFI bullish above $9,150. On the positive side, the YFI coin may encounter significant resistance at the $12,677 and $14,360 levels. Consider buying above $11,600 and selling below $10,600. Good luck!
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