Yearn.finance (YFI) Is Now Up 100% in the Span of 36 Hours

Nick Chong

Last Updated: June 11, 2024 2:08 pm

1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Yearn.finance (YFI) has gone parabolic as a massive short squeeze has taken place. The coin is up over 100% in the span of 36 hours, after falling as low as $7,500 on Thursday morning.

YFI currently trades for $16,200 on leading futures exchanges, though it peaked as high as $18,000 just minutes ago. YFI’s rally has allowed the cryptocurrency to reclaim its seat as one of the largest 50 cryptocurrencies by market capitalization.

Yearn.finance (YFI) Erupts Higher

While YFI is exploding higher, the coin is not yet overextended as per futures data. The funding rate of the YFI futures market on Binance currently is 0.01%, which is a baseline level. The funding rate is the fee that long positions pay short positions on a regular basis to keep the price of the future close to that of the spot market.

YFI may be overextended from a technical, perspective. All of its momentum indicators are at all-time highs, suggesting the coin may be overbought in the near term.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

Featured Image from Shutterstock
Price tags: YFIUSD, YFIBTC, YFIETH
Charts from TradingView.com
Yearn.finance (YFI) Is Now Up 100% in the Span of 36 Hours

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.