YFI price surged by a little over 47% in five days to $41,970 as traders rotated capital out of “top-cap” cryptocurrencies like Bitcoin and Ether and looked for short-term opportunities in the altcoin market.
On Dec. 16, the Yearn Finance team announced that they had purchased more than $7.5 million worth of YFI tokens from the open market at an average price of $26,651 per unit. They also revealed $45 million extra cash in their Treasury that they would use to continue their YFI buyback spree. Typically, a bearish divergence between price and volume leads to either correction or consolidation till conviction increases. As a result, the likelihood of YFI at least pausing its ongoing price rally is high, with its daily relative strength index also entering its overbought zone above 70, a sell signal.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thecableng - 🏆 2. / 80 Read more »