Yearn.finance (YFI) has surged higher in the past 24 hours despite stagnation in the price of Bitcoin and Ethereum. The leading cryptocurrency, which is in the top 30 by market capitalization, is up 20% in the past 24 hours, having moved from around $25,000 to $29,000 as of this article’s writing. It is one of the top-performing altcoins in the top 100.
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Yearn.finance (YFI) May Have Room to Rally After Retaking $29,000
Analysts say that YFI has room to move higher after gaining 20% in the past 24 hours.
One trader shared the chart below on September 26th. It shows that while YFI remains far below its all-time high, it recently secured a crucial exponential moving average that it held above during the previous rally.
YFI doing so, the trader explains, suggests that the ongoing rally has “juice.”
Chart of YFI's price action over the past few weeks with analysis by crypto trader Crypto Krillin. Chart from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward
All of DeFi Set to Grow
Analysts think that all of the DeFi space is set to grow. With Yearn.finance acting as a pseudo-index for the entire market, YFI will benefit if the rest of the industry gains traction.
Andrew Kang, the founder of Mechanism Capital, recently touched
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