Yearn.finance (YFI) has gone parabolic as a massive short squeeze has taken place. The <a class="wpg-linkify wpg-tooltip" title="
Coin
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is up over 100% in the span of 36 hours, after falling as low as $7,500 on Thursday morning.
YFI currently trades for $16,200 on leading futures exchanges, though it peaked as high as $18,000 just minutes ago. YFI’s rally has allowed the cryptocurrency to reclaim its seat as one of the largest 50 cryptocurrencies by market capitalization.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Yearn.finance (YFI) Erupts Higher
While YFI is exploding higher, the <a class="wpg-linkify wpg-tooltip" title="
Coin
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is not yet overextended as per futures data. The funding rate of the YFI futures market on Binance currently is 0.01%, which is a baseline level. The funding rate is the fee that long positions pay short positions on a regular basis to keep the price of the future close to that of the spot market.
YFI may be overextended from a technical, perspective. All of its momentum indicators are at all-time highs, suggesting the <a class="wpg-linkify wpg-tooltip" title="
Coin
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin may be overbought in the near term.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: YFIUSD, YFIBTC, YFIETH Charts from TradingView.com Yearn.finance (YFI) Is Now Up 100% in the Span of 36 Hours
