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Trader: Yearn.finance Likely to See One More Dip Before Rocketing Higher

Other 2020/11/17 22:00 by Cole Petersen

Yearn.finance’s YFI token is trading up significantly today, with bulls aiming at providing the cryptocurrency with a strong foothold within the lower-$20,000 region.

Where the aggregated crypto market trends in the near-term will likely depend on Bitcoin and Ethereum, with the strength seen by these two digital assets helping to provide the DeFi sector with serious momentum over the past few days and weeks.

YFI’s immense momentum throughout the past few days and weeks has created a tailwind for the broader altcoin market, but it is now pushing up against some immense resistance levels that may slow its ascent.

One trader who forecasted this latest leg higher for the cryptocurrency is now predicting that it will see a short-term pullback.

He believes that this will be followed by another leg up that sends the crypto flying significantly higher.

The key resistance to watch now sits at roughly $21,000. The selling pressure here has proven to be significant, and a failure to break above this level could cause it to see significant near-term downside.

Yearn.finance’s YFI Rallies Past $20,000 as Uptrend Kicks Off

At the time of writing, Yearn.finance’s YFI token is trading up roughly 10% at its current price of $20,200. This is where it has been trading throughout the past morning, with the resistance at $21,000 slowing its ascent.

Its ongoing upswing has come about as the result of the strength seen by Bitcoin and Ethereum.

If these two cryptocurrencies can continue pushing higher, then higher risk altcoins like Yearn.finance’s YFI token may also be able to surmount its crucial near-term resistance.

As a whole, the DeFi sector will likely follow YFI’s lead, as it has become one of the primary benchmarks for this fragment of the market.

YFI May See One Pullback Before Rocketing Higher – Trader Claims

While sharing his thoughts on where Yearn.finance’s YFI might trend next, one analyst explained that the visit to $21,000 will likely mark a short-term top followed by a slight retrace lower.

He believes that this will be followed by a rally that allows it to post another leg higher.

“YFI close on the 21 marker. Just shy. I see a small pull back before the next leg up,” he said while pointing to the below chart.

Yearn.finance

Image Courtesy of NekoZ. Source: YFIUSD on TradingView.

The coming few days should provide some serious insights into where Yearn.finance’s YFI and the rest of the DeFi market will trend in the days, weeks, and even months to come.

Featured image from Unsplash.
Charts from TradingView.

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