On Steroinds? Surpasses Bitcoin $20,000 All-time High to Hit $38,983

By John Isige
Published August 31, 2020 Updated August 31, 2020
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Image Source: Getty Images On Steroinds? Surpasses Bitcoin $20,000 All-time High to Hit $38,983

By John Isige
Published August 31, 2020 Updated August 31, 2020
  • beats Bitcoin all-time high to set a bar for itself close to $40,000.
  • YFI/USD establishes support above $30,000 following rejection from the weekend high at $38983.

The decentralized finance darling, has easily become the most expensive cryptocurrency in the world. YFI did not only surpass Bitcoin’s all-time high at $20,000 but also rocked to new all-time highs at $38,983. On some exchange platforms, the token hit highs above $70,000.

According to the data provided by CoinMarketCap, has crossed the $1 billion mark in terms of market share. In the last 24 hours, YFI has attracted a trading volume of $972 million. It is currently the 23rd largest cryptocurrency in the world after growing in value by 20% in the last 24 hours and 170% in the last seven days.

From a technical perspective, appears to have established support above $30,000. Itself, is trading at $34,755 (on Binance). The immediate downside is protected by a sharply ascending trendline. In the event the crypto freefalls under $30,000, the 61.8% Fibonacci level taken between the last swing high at $38,983 to a swing low at $11,844. This same zone forms a confluence support with the 12 Simple Moving Average (SMA) in the 4-hour range.

Related reading: Yearn Finance Joins the Billion Dollar DeFi Group with Four Others

YFI/USD 4-hour chart

YFI/USD price chart
YFI/USD price chart by Tradingview appears to have the potential to hit highs above $40,000. The Moving Average Convergence Divergence (MACD), for example, is holding strongly above the mean line. It features a wide bullish divergence, cementing the bulls’ position in the market. The gap formed by the 12 SMA above the 21 SMA also shows that the trend is leaning more to the bullish camp. If volume continues to grow, we can expect YFI to sail above $40,000 in the near term.

YFI Intraday Levels

Spot rate: $34,775

Relative change: 2292

Percentage change: 7.18%

Trend: Bullish

Volatility: Expanding

Read more: Yearn Finance [YFI] 100x Surge Begins to Show Cracks, Is it Over?


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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John Isige
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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