Yearn.Finance Rockets 70% amid Recovery in US Dollar

Updated: 02 August 2022

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The cryptocurrency market has been volatile in recent weeks, with ups and downswings occurring regularly. Yearn.Finance rockets 70% despite these ups and downs in the market. Nonetheless, the market has been very profitable over the last six days due to altcoins’ yearning, and the total market capitalization has increased to $1.074 trillion. It was regarded as one of the most important factors contributing to the yearn.finance YFI‘s continued bid. The cryptocurrency market had been struggling to recover from the bearish trend that began in May, but the small gain was insufficient to free YFI from the seller’s grip.

However, the situation improved this week as yearn.finance YFI recovered 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% – Quick Price Review

The current yearn.finance price is $11,001.5 with a 24-hour trading volume of $189 million. Yearn.finance has dropped by 2.51% in the last 24 hours, whereas it surged dramatically by 70.85% in seven days. The market is currently ranked 92, with a live market cap of $403 million. With a maximum supply of 36,666 YFI coins, there are 36,638 YFI coins in circulation.

Bearish Crypto Market

The cryptocurrency market fell further as it attempted to hold onto gains made in July. The reason could be related to geopolitical tensions, which decreased investor risk appetite. The market capitalization of cryptocurrencies fell 3.06 percent 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 has dropped back to $22,000 after briefly approaching the $25,000 mark at the end of last month. It was on the verge of crossing the $25,000 mark at the end of last month. As a result, the bearish crypto market was viewed as one of the primary factors causing the other currencies to fall.

Recovery of the US Dollar

Since the start of the day, the broad-based US dollar has been flashing green, as risk-off market sentiment tends to support safe-haven assets such as the US dollar. The dollar index, which compares the US dollar value to six other currencies, increased 0.3 percent to 105.65. As a result, the strong US dollar was viewed as another important factor keeping cryptocurrencies under pressure.

Yearn.Finance Technical Outlook

The YFI/USD pair is consolidating at $11,288 and remains within a tight trading range of $10,750 to $11,550. On the 4-hour chart, YFI has already completed a 50% Fibonacci retracement at $10,750. It’s now acting as immediate support. A break below this level could send YFI even lower, towards the 61.8 percent 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 an uptrend. It could keep YFI bullish above $9,150. On the plus side, the YFI coin may encounter significant resistance at the $12,677 and $14,360 levels. Consider purchasing above $11,600 and selling below $10,600. Good luck!

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