Yearn Finance’s governance token, YFI, closed above $40,000 during the early trading session on Monday.
The YFI/USD exchange rate established an intraday high at circa $42,425 following a 13.74 percent rally. The strong upside move appeared despite a lackluster bullish trend elsewhere, with top cryptocurrencies Bitcoin and Ethereum trading under the weight of sellers.
YFI too experienced a sell-off near its session top. Traders booked their intraday profits, causing the cryptocurrency to plunge lower by 8.50 percent during the European session. Nevertheless, a support level lurking around $38,990 protected the price from falling anywhere lower.
Yearn Finance is looking to reclaim its all-time high. Source: TradingView.com
YFI/USD reclaimed some of its intraday profits after establishing its session support level. A continuation in uptrend expects to lead the pair towards its all-time high near $44,003, with a primary bullish target lurking near $50,311.
Conversely, breaking below the support level risks sending the price towards $35,070,