The price of BIFI has crawled back as yield-optimizing blockchain projects rebound. The BeFi Finance token is trading at $0.0082, a few points above intraday low of $0.0077. The current price is down around 92% from the 2021 highs. As a result, its total market capitalization has exceeded $37 million.
Yield optimizer token jumps
Beefy Finance is a leading player in the decentralized finance (DeFi) industry. Its business model is that it offers a multi-chain yield optimizer that allows users to earn compound interest on their crypto holdings.
By comparing the yields of different platforms, Beefy then selects the coin with the highest yield. It gives maximum returns from various liquidity pools and automated market making projects. BeFi is compatible with major blockchains such as Phantom, BNB Chain, Polygon, Avalanche, and Arbitrum.
According to DeFi Lama, the total closed value of BeFi Finance has been on a downside. It has fallen from an all-time high of $1.22 billion to the current $259 million. This fall is in line with other DeFi protocols.
BIFI is the governance token for Beefy Finance. The BIFI token has jumped over the past few hours as other yield optimizers rally. For example, wifi price It has jumped over 300% in the last two days. Similarly, there has been a boom in Year Finance as well. Other DeFi tokens such as Uniswap and AAVE have also gained momentum.
This performance is mostly due to the overall rally in cryptocurrencies and US equities. The Dow Jones Index has gained more than 3 percent. Another reason is that investors are only buying dips after the coin’s crash over the past few months.
bifi price prediction
The four-hour chart shows that BIFI price has been in a strong bearish trend over the past few months. The sell-off intensified after the coin moved below the crucial support level at $0.0133, which was the lowest level in May. It has also declined below the 25-day and 50-day moving averages.
Therefore, Beefy Finance price is likely to continue declining as the bears target the next key support level at $0.0070. A move above the $0.01 resistance would invalidate the bearish view.