As the name suggests, DFI.Money (YFII) is the newly emerged altcoin that serves the surging industry of decentralized finance (DeFi). Built on the Ethereum blockchain, this platform provides developers with the instrumentation necessary to create products that ensure the provision of liquidity to the network, facilitate trading with leverage, and help automate the process of market-making. DFI.Money also stems from another DeFi project, namely yearn.finance, as its hard fork that occurred after the implementation of the 8th yEarn proposal for network improvement.
The YFII token's function is to serve as a means for platform governance and incentivize the users to add liquidity to the DFI. Money's own pool through yield farming - the practice of staking a certain cryptocurrency on the blockchain platform for a regular reward that is paid in native tokens, in our case, it's YFII.
YFII all-time chart
DFI.Money is a hot-out-of-the-oven cryptocurrency that was listed for trading in the first week of August by all major exchange platforms. As of now, the largest share of daily trading volume belongs to Binance, OKEx, and Huobi Global.
YFII is currently priced at $3,489, though it entered the cryptocurrency market valued around $130 - phenomenal progress in such a short period of time. The token has already established the all-time high at $9,800 on September 2, approximately at the time of Binance listing, but then got knocked down brutally, along with the rest of the cryptocurrency market. The market capitalization of DFI.Money went from its highest point at $271 million to the present $132 million as the result of the selling pressure. Nevertheless, YFII has put up an impressive performance in the past 30 days by gaining 140% against USD; 154% and 162% against Bitcoin and Ethereum, respectively.
The analysis of the average daily trading volume from the past 30 days tells us that YFII is prone to large fluctuations as the volume displayed the instances of going from $130 million to $1,09 billion in a matter of five days. Such volume spikes usually coincide with large upswings, so look for the bursting buying volume for the confirmation of the next dash to the upside.
Also, it is important to note that DFI.Money has already established strong multi-week support at $2,900, which is now a part of one big descending triangle pattern found on the weekly time frame.
1-week YFII/USDT chart
Obviously, this triangle is going to be resolved soon. However, it's hard to tell with a high degree of precision whether the upcoming move would be directed to the upside or the downside. Everything will depend on the situation on the cryptocurrency market in general, and in the DeFi sector in particular. In that case, the breach of support at $2,900 to the downside would serve as the strongest signal to sell.
4-hour YFII/USDT chart
The price action on the 4-hour chart tells us of the probability of another drop to the support line as two MA's of MACD have drawn close together on the backdrop of fading histogram, though the possibility of crossover rejection at the signal line remains.
The Accumulation/Distribution indicator is in the neutral zone with no divergences in sight, which could entail a tighter squeeze of price range before the breakout.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||76%||46||$36 440.02||-0.54%||-6.27%||$690 249 828 112|
|2||ETH||Ethereum predictions||70.4%||60||$2 391.51||-2.26%||-15.99%||$285 413 947 340|
|3||USDT||Tether predictions||92.8%||1||$1.000288||-0.01%||0.01%||$78 191 159 918|
|4||BNB||Binance Coin predictions||66%||65||$380.90||2.83%||-10.73%||$62 892 838 207|
|5||USDC||USD Coin predictions||92.4%||1||$0.999656||-0.05%||-0.02%||$49 469 609 170|
|6||ADA||Cardano predictions||67.2%||63||$1.018466||-2.84%||-16.24%||$34 172 614 154|
|7||XRP||XRP predictions||72.8%||53||$0.595622||-2.09%||-13.43%||$28 433 155 075|
|8||SOL||Solana predictions||66%||67||$88.51||-2.42%||-27.36%||$27 879 047 959|
|9||LUNA||Terra predictions||66.8%||73||$49.02||-18.93%||-35.45%||$19 644 476 734|
|10||DOGE||Dogecoin predictions||68.4%||64||$0.138977||-2.55%||-9.51%||$18 438 138 572|
|11||DOT||Polkadot predictions||66.8%||68||$17.64||-1.41%||-20.96%||$17 421 416 458|
|12||AVAX||Avalanche predictions||67.2%||67||$62.75||-3.19%||-16.79%||$15 365 789 164|
|13||BUSD||Binance USD predictions||96%||1||$1.000626||0.19%||0.02%||$14 853 235 915|
|14||MATIC||Polygon predictions||64.4%||74||$1.60||-0.20%||-14.76%||$11 930 161 847|
|15||SHIB||SHIBA INU predictions||68%||68||$0.000021||-1.22%||-19.95%||$11 257 222 749|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.