AND FI, the native token of Year Finance, grew by 8.900% against Bitcoin since its launch. And now, according to several analysts, the cryptocurrency could grow further.
For example, this is supported by the well-known trader Michael van de Poppe, from Amsterdam, who in a tweet a few hours ago said that the price of YFI could rise towards 4 BTC per token. The comments followed the project's 35% crypto rally DeFi in the past 24 hours, with YFI / BTC going from 2,31 BTC to an intraday high of 3,10 BTC.
At the basis of this rather comforting assessment there are several technical insights, and in particular the belief that a break of the next resistance around 3,50 BTC could push YFI / BTC to test 4 BTC as the main target of the bulls.
Moreover, the positive sentiment for YFI is quite widespread throughout the cryptocurrency sector.
Recall that Yearn Finance is an aggregator of various financial protocols, which chooses the pools with the best performance for its users. So far its ecosystem includes the Compound, Aave, Balancer and dYdX pools. Aave, a UK-licensed decentralized lending platform, has just joined Yearn Finance.
Meanwhile, YFI serves as the governance token for the platform. This allows its holders the right to decide on adding new crypto currencies to Yearn Finance. For example, the Yearn Finance community has already voted to add yETH, an element that could serve as an additional bullish catalyst.
Other elements that pushed YFI to the top include a partnership with FTX - a major one exchange of cryptocurrency derivatives - and the announcement of yinsure.finance, one of the first insurance services in the DeFi space.