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- YFI price on February 08, 2021, by zooming 5% in a day.
- YFI is testing the resistance zone between $36,000-$37,600
YFI price has reached a heavy resistance zone after giving a triangle breakout. The volume favors consolidation as it is roughly equal to the 20-day average and is likely to fail in giving further breakout. The market cap and 24-hour volume are $1,298,680,752 and $999,689,081 respectively.
Bulls Waiting For YFI Price To Give A Confirmed Breakout
YFI price saw a considerable profit booking in today’s session, which turned a full green bodied dance into a red spinning top. The volume analysis shows a lack of volume to help the coin break out of the resistance zone. The price level volume analysis favors the bears as the current price level(below resistance) has higher sellers’ volume than the buyers’ volume.
Price persists in sustaining above 20EMA($32,000) and 50EMA($29682), while VWAP is imposing resistance at $35,700.
The Bollinger Band confirmed the breakout by expanding both ways, but in today’s session, the upper band(at $35,616) successfully pushed the price down. The support exists at the median(10EMA) and lower band at $32,580 and $39,500.
The RSI is at 57 levels, but the upward-trend has been interrupted due to the profit-booking. Strong support rests between 41-45 levels while resistance lies between 63-70. The levels point to consolidation.
The MACD(8,21,5) has flashed green for the bulls, but the resistance interrupted the bulls. The signal line continues to stay above the slow line and favor the bulls.
Conclusion
Despite the YFI coin giving a breakout, the coin fails to breakout further from the heavy resistance. The breakout was possibly a result of YFI’s announcement of paying back $11million to the cyberattack victims. However, participants need to be cautious that YFi may still be prone to further cyberattacks.
Support: $32,480(10EMA), $31865(20EMA) and $29,666(50 EMA)
Resistance: $36,000-$37,500(resistance zone) $40,000/- and $47,000/-(Previous Top)
