Even though the current crypto market situation is marked by a strong feeling of uncertainty and fear, some news has been propelling various currencies. The YFI token is one of those that managed to briefly detach itself from the widespread behavior, after a buyback news from Yearn Finance boosted the price.
At the time of writing, YFI is trading at $ 29,008.72, accumulating a gain of 22.19% in the last 24 hours and 44.17% in its last 7 days.
Its market capitalization is $ 1,029 million, making it 87th in the Crypto Online ranking.
Yesterday the development team behind DeFi Yearn Finance announced the launch of an aggressive token buyback program, in order to increase the scarcity of the same and promote an increase in its price.
With a tweet posted yesterday, Yearn Finance revealed the first buyback of this program, totaling 7.52 million US dollars, at an average price of $ 26,651 per token. Immediately, the price reacted higher.
The team bought a total of 282.4 YFI, which is equivalent to 0.77% of the total supply. With this buyback alone, they accumulated more tokens than during all of last year.
YFI token technical analysis
In the monthly chart YFI vs USD we see a very good technical scenario, after yesterday’s gains generated a strong rejection of low prices on a fairly relevant support, close to $ 22,700.
Now there is a good chance that the medium / long-term uptrend is being resumed.
However, until it breaks through the resistance at $ 38,350, it cannot be confirmed that the trend has returned to the hand of the bulls. When this happens, new all-time highs could be sought out quickly.
From this time frame we see that the price of the YFI token maintains a rather bearish direction in the short term.
Despite this, this bearish direction is nothing more than a pullback after a big bullish rally. Still the purchasing power is dominant.
Right now we see the price rising strongly, and it is challenging the resistance around $ 27,000.
We may see new sales from the current point. But, the fall of the Yearn Finance token from its all-time high of $ 96,000 is already quite widespread.
Support at $ 18,500 can be a good point to start a new momentum, however, to confirm this, we must first start seeing higher and lower lows and highs on the weekly chart.
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