Harvest Finance flies upward by over 100% as Coinbase Pro lists FARM

  • Harvest Finance’s FARM tops $244.5 in vertical liftoff post Coinbase listing
  • The DeFi yield farming asset is down 95% from its all-time high
  • A price uptrend had been brewing more than a month ago

JAIPUR (Coinchapter.com) – Holders of Harvest Finance’s FARM token are having a gala day. The DeFi yield farming asset blasted upwards from $36 lows to log more than 100% gains. FARM’s listing on Coinbase’s retail and institutional platforms is the supposed reason behind the move.

Harvest Finance is an Ethereum-based yield optimizer that moves funds around the decentralized finance (DeFi) ecosystem. The platform seeks to employ the best practices to generate high yields. The protocol’s native blockchain asset finds utility in staking and yield farming on Harvest Finance.

As per the official Coinbase blog, traders can trade FARM on Coinbase’s Android and iOS apps as well as on Coinbase.com. Coinbase users can also send, receive, or store FARM in most Coinbase-supported regions, but there are certain limitations. The platform’s asset page mentions them.

Related: You may lose everything in DeFi, finance academic warns

FARM Technical Setup

FARM’s latest pump cannot take away the fact that it is almost 95% down from its listing price of $5200. Currently, the FARM/USDC pair is changing hands at $206. It has been in an uptrend since June 22, 2021. After bottoming at 30 on May 23, the RSI indicator has also pushed upwards in tandem with soaring prices. But now, the momentum looks unsustainable.

By tapping 80, the RSI wave is now giving off overbought signals. But despite, the bearish indication, the FARM/USDC spot rate has printed multiple green candles above the 20-day exponential moving average (EMA). Selling pressure is negligible. Bulls absorbed all bearish attempts during today’s early morning trading session.

The MACD wave is at the peak of its bullish wave, suggesting that a cool down is due.

Price Levels To Watch

Market conditions are overheated, but bulls look pumped. If the buying pressure rages on, bulls could attempt a retest of the $369.5 resistance at the 161.8% Fibonacci extension level. FARM/USDC spot rates are tightly trading near the 78.6% Fibonacci extension level ($199.3).

Harvest Finance's DeFi asset is heavily pumped
Harvest Finance’s DeFi asset is heavily pumped. Source: FARMUSDC on TradingView.com

A slip in bullish momentum could drag prices down to 61.8% ($164.93) and 50% ($140.79) Fibonacci extension levels. Below the said plausible supports, the asset could head down to the 38.2% Fibonacci extension level ($116.65) but stands to encounter a resurgence in buying pressure.

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