HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Yearn.finance’s YFI Could Soon Rally Past $20,000 as Technical Strength Grows

Other 2020/11/15 23:00 by Cole Petersen

Yearn.finance’s YFI governance token has been struggling to gain any momentum throughout the past few days and weeks, with buyers aiming at sending the cryptocurrency significantly higher.

YFI’s token has been flashing immense signs of strength throughout the past few weeks, with buyers taking control of its price action after massive inflows of selling pressure sent it down to $7,500 just a couple of weeks ago.

It is now trading up over 100% from these lows but is struggling to break above the heavy selling pressure that exists within the lower-$18,000 region.

Until it can shatter the selling pressure that exists here and rally up to fresh highs, there’s a strong possibility that it will continue consolidating or possibly face some selling pressure.

One trader is pointing to a recently formed technical pattern, noting that he believes that the crypto is poised to rally significantly higher in the days and weeks ahead.

He specifically is looking towards it seeing a move past $20,000, noting that this could open the gates for serious upside in the days, weeks, and months ahead.

Yearn.finance’s YFI Remains Stable Below Key Resistance Despite Market Turbulence

At the time of writing, Yearn.finance’s YFI token is trading down marginally at its current price of $17,100. This is around where it has been trading throughout the past few days.

The resistance at $18,000 is intense and has catalyzed multiple selloffs over the past few days and weeks.

If bears continue holding this level as resistance and cannot post any high time frame close above it, it may see either a prolonged consolidation phase or begin erasing its recent gains.

Analyst: YFI Could Soon Post a Breakout Towards $20,000 

One trader explained in a recent tweet that he is watching for an imminent break above $20,000.

He notes that Yearn.finance has formed what appears to be a bullish triangle formation, with these patterns often resulting in upwards breakouts during bull markets.

“YFI – I’m long. Triangle break. Works until it doesn’t. Hasn’t failed me in the last few trades. Long the triangle break szn,” he said while pointing to the chart seen in the below chart.

Yearn.finance YFI

Image Courtesy of UB. Source: YFIUSD on TradingView.

Where DeFi altcoins like Yearn.finance trend in the near-term may depend largely on whether or not Ethereum, Bitcoin, and the rest of the market can remain somewhat stable.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Other 09/11/20 22:00 by Cole Petersen
A Whale Just Moved $14m Worth of Yearn.finance (YFI) to an Exchange
Yearn.finance’s YFI token is surprisingly resilient today despite the turbulence throughout the aggregated crypto market. While Bitcoin is plunging lower, most of the DeFi sector is actually up ...
Read More
Other 16/11/20 22:00 by Cole Petersen
Yearn.finance (YFI) Could Soon “Moon” as It Forms Highly Bullish Pattern
Yearn.finance’s YFI governance token has seen some immense volatility throughout the past few days and weeks, with buyers sending it rocketing over 100% from its recent lows while now attempting...
Read More
Other 17/11/20 22:00 by Cole Petersen
Trader: Yearn.finance Likely to See One More Dip Before Rocketing Higher
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...
Read More
Other 25/11/20 00:00 by Cole Petersen
This Technical Pattern Suggests Yearn.finance (YFI) Could See a Massive Breakout
Yearn.finance’s YFI token has been consolidating within the mid-$20,000 region throughout the past few weeks, with its recent parabolic surge from lows of $7,500 getting slightly overheated afte...
Read More
Other 08/12/20 22:00 by Cole Petersen
Here’s the Key Level Yearn.finance (YFI) Needs to Break to See Price Discovery
It has been a rocky past few days for Yearn.finance’s YFI governance token The cryptocurrency has been closely tracking Bitcoin and the rest of the crypto market, which has exposed it to some d...
Read More