YFII price prediction: Does DFI.Money Have More Upside?
The YFII price soared to the highest point since June 25th of this year. The token surged to a high of $1,700, which was about 385% above the lowest level in June this year. The token has a market cap of more than $66 million.
What is DFI.Money?
DFI.Money is a relatively small DeFi platform that is in the yield farming sub-sector. The platform allows people to earn strong interest by just investing in high-yield tokens. It was created after a hard fork of Yearn Finance, one of the leading platforms in the industry.
It automatically configures the smart contract financial platform with the best DeFi mining income market. It has low transaction fees and the ability to move tokens across multiple vaults. D
DFI.Money is powered by the YFII token. Users can earn it by contributing liquidity to the ecosystem. It does a similar thing to what UNI does for the Uniswap ecosystem.
YFII price has bounced back recently as investors focus on the ongoing recovery of the DeFi industry. Recently, the total value locked in the sector has surged to more than $83 billion. While this is lower than the all-time high of almost $250 billion, it is much higher than this month’s low of about $70 billion.
Investors appear to believe that many DeFi platforms will thrive now that the industry has gone through a stress test. The test has seen companies like Voyager Token and Curve go bankrupt. Therefore, there is a close comparison of what happened during the dot com bubble and the fact that many companies thrived afterward.
YFII price prediction
The four-hour chart shows that the YFII price has been in an upward trend in the past few days. It has managed to rise by more than 385%, making it the best-performing coins in the industry. It has moved above the important resistance level at $1,470, which was the highest point on July 19th
YFII is above the 25 and 50-day moving averages while the Relative Strength Index has moved close to the overbought level. Therefore, the coin will likely keep rising now that it has moved above the resistance at $1,470.