The recent rally in YFI says this about Yearn Finance’s recent market moves

  • Yearn Finance (YFI) has launched a new DeFi feature to allow users to earn through various trading strategies
  • YFI continued its rally even after increasing its value by 7% in the past week

Launch of the Yearn Finance program [YFI] Vault Factory without permission coincided with increasing the value of the YFI token. Since the beginning of the year, Yearn Finance has seen an astonishing rise in rates. DeFi has been on the rise, and the recently developed protocol may increase the value of investors’ holdings.

Read Yearn Finance [YFI] Price forecast 2023-2024

Make “without permission” more permissionless

On Jan. 9, Yearn Finance be notified To its subscribers that a new addition has been added to the decentralized finance platform.

A recent update to the protocol, called Permissionless Vault Factory, will allow anyone to set up a vault, which is essentially a safe haven where crypto assets can be stored to earn interest through various investment methods.

Initially, users can only create vaults of tokens and deposit from Curve Finance LP in the Decentralized Market Maker (AMM). Factory safes will have preset tactics developed by Yearn’s team.

In addition, technicians benefit from Yearn’s stock of veCRV tokens. This improves the returns of the protocol and thus increases returns for all Curve liquidity providers.

What does TVL say from Yearn

According to data from DeFiLlama, Yearn Finance had a total value locked (TVL) of $383.06 million at the time of writing. However, no recent recovery in TVL could be seen, but there was a decline. The current state of the market could be the reason, as is evident in the larger DeFi market.

Source: Defillama

In addition, the value of the YFI token has increased steadily over the past few days. At the time of writing, a cumulative increase in value of 7% has been observed. The current price pattern has shown an uptick from the area where prices fell in December 2022.

How many YFIs can you get for one dollar?

The asset was now trading at around $5,700 per day at the time of writing. Additionally, the resistance level was near $7,000 and is represented by the long moving average (blue line).

Yearn Finance (YFI)

Source: TradingView

According to the RSI, the asset has actually been pulled back in an uptrend due to the current price action. An uptrend was indicated when the RSI line appeared above the 50 line.

In addition, the Moving Average Convergence Divergence (MACD) indicator also indicated a bullish reversal. In addition, a combination of RSI and MACD indicators supported the current trend as indicated by the YFI symbol.

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