The yearn.finance token, or YFI, went against the corrections started on Thursday (26). Native to the decentralized finance ecosystem (DeFi), YFI even slipped to $ 17,605.
However, a quick recovery took the token to a peak of $ 25,858 – an increase of 32%.
At the time of writing, YFI is quoted at $ 22,480, a positive 22% move.
YFI resists
In reais, the YFI is quoted at R $ 119,821, much higher than the R $ 94,010 seen at the low point.
According to the journalist Yashu Gola, resistance to correction occurred due to a merger with Pickle Finance.
Pickle is another project in the DeFi branch, focused on maintaining parities with stablecoins and offering income possibilities.
The partnerships continued when Yearn Finance made a similar merger with Cream. It is a loan-focused protocol.
In addition, there are rumors that the company behind YFI is planning a merger with the decentralized exchange SushiSwap.
Participants in the YFI token network were happy, calling Yearn Finance the first DeFi conglomerate.
High may continue
For Gola, the YFI rally may continue for the next few hours. However, it is necessary that certain supports are maintained.
The financial journalist points out the first graphic area of importance. The $ 14,729 and $ 18,761 marks exist as important support and resistance, respectively.
In other words, YFI should hold the R $ 78,650 zone while seeking support above R $ 100,183.
If you lose support at R $ 78,650, the token can start a free fall up to R $ 64,080.
However, if it finds support above R $ 100,183 – and considering that YFI is currently quoted at R $ 121,761 -, the DeFi token can trigger and test the R $ 160,200.
There is a long way to this new testing zone, but analysts are optimistic in relation to walking.
Anyway, everything depends on the cryptocurrency market, which is currently uncertain.
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