The exchange rate YFI / USD rose 6.62%, to $ 27,193, a multi-week high that appeared as part of a explosive bull race in which he jumped close to 300% in two weeks. The pair hit the peak in September 2020 to $ 43,026, before dropping to a staggering $ 7,015, a low established in early November 2020.
This time, the YFI token can form a constant bull run, according to many independent analysts on twitter. Its upward trend came from the growth of Yearn Finance as a decentralized asset management platform, especially after it started making beneficial updates to its protocol through democratic means.
The platform approved four key YIP proposals this week, an acronym for “Yield Improvement Proposal”. Its effective integration with the Yearn Finance protocol has enabled new fee structures, YFI-enabled reward distributions, quarterly financial audits and operations financing.
The recent parade of $ YFI yearn improvement protocols (YIPs) are highly underrated in terms of what they do for the future of @iearnfinance. I am extremely more bullish than I was when I first purchased $ YFI. Why?
– Matterhorn (@matterhorn_eth) November 15, 2020
The recent parade of $ YFI improvement protocols of the year (YIPs) are highly underestimated in terms of what they do for the future @iearnfinance. I am extremely more optimistic than when I bought $ YFI. Why?
The week also saw MakerDAO accept YFI to open collateralized debt positions and coin stablecoin DAI. The Yearn Finance weekly newsletter commented:
The acceptance of YFI into the MakerDAO system is an important milestone for the Yearn ecosystem, as it opens up the possibility that YFI can be used to create DAI in the next v2 yVaults that use YFI as a basic asset.
YFI’s upward trend also coincided strongly with the upward trend in Bitcoin market. The flagship cryptocurrency rose from $ 14,115 on November 5 to $ 18,488 on November 18. But while BTC / USD was correcting downwards in the previous 24 hours, YFI remained bullish.
Will YFI reach $ 30K?
As discussed earlier, the Yearn Finance token is on its way to $ 30,000, according to a bullish setting in the book.
Call of Falling Wedge, the structure points to a strong upside reversal after an asset trades down within a pattern with two converging trend lines. After reaching the peak of the structure, the price bursts upward, rising to the maximum distance of the two trend lines.
YFI is now going through the final stage, with a Wedge target of about $ 23,380 above the breakout point. That’s almost $ 30,000 (almost).
On the other hand, failing to build up momentum after the recent correction, risks hitting the YFI / USD below $ 20,000.