Everyone is looking for the next Bitcoin (CCC:BTC-USD) or Shiba Inu (CCC:SHIB-USD), but they aren’t easy to find. Despite the crypto group going through a bit of a lull, Harvest Finance (CCC:FARM-USD) is surging this week. Indeed, crypto traders are showing interest in the Harvest Finance crypto today. Therefore, we’re going to break down some things to know about this crypto.
So, what is the Harvest Finance crypto? “Harvest Finance empowers you to deposit tokens from various supported cryptocurrencies, working in potentially high-yield DeFi pools.”
Harvest Finance’s token is FARM, which utilizes smart contracts — a major benefit with Ethereum — to maximize efficiency. More specifically:
“The first-time farmers, while using Harvest Finance, will not have to face the hurdle of calculating fees for the transaction being done or while moving assets between DeFi protocols. It’s the Harvest which does this for the users, and it’s audited through smart contracts, thereby saving the trouble of doing it all independently.”
The coin is up 90% today alone. What else should investors know? Let’s take a look.
- With today’s rally, the crypto’s market capitalization currently sits at roughly $140 million.
- Harvest Farm crypto is hosted on Ethereum and requires 35 network confirmations.
- The coin price is back above $200 for the first time since September.
- Harvest launched on Sept. 1, 2020, while FARM-USD launched on Sept. 3.
- FARM-USD began trading on Coinbase (NASDAQ:COIN) on July 29.
Trading the Harvest Finance Crypto
Currently up about 90% on the day at the time of writing, FARM was up 144% at the session high. The rally comes after the coin gained 22% on Monday.
So far, FARM-USD has generated volume of more than 770,000 on Tuesday. That blows away the previous record-volume day of roughly 392,500. For the week though, volume sits at 852,000, just shy of the current weekly volume record of 1.055 million set in the second week of August.
Harvest Finance Crypto approached the $300 level this morning, which has been resistance. Fading from this area, FARM-USD will be trying to stay above $200. If it can’t, then the newly established 21-week moving average may be in play.
Above $217.50 keeps the 61.8% retracement in play, followed by this week’s current high of $289.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.