Yearn.Finance Price Analysis: Does The Current Bounceback Indicates Testing of $50k?

Yearn.Finance price tested crucial support mark of $33K to revive its positive momentum
  • After having a new All-Time high of $51K in the previous month, YFI faced severe price damage 
  • Yearn.Finance price tested crucial support mark of $33K to revive its positive momentum 
  • A positive breakout above $40K can sing loud a bullish signal 
source: Coinmarketcap

On the monthly chart, Yearn.Finance faced a severe downtrend after breaking below the bullish mark of $50K. The price levels had a retracement of nearly -45.00% from it’s All-Time high. The downfall also rose the volatility of the price levels. However, after testing such a critical support area during the downtrend, a positive bounceback was anticipated. YFI price did test the crucial mark of $40K again but was failed to break the resistance. Yearn.Finance has gained nearly 10.00% in the past 24-hours, which might set a pace for double testing of $40k. The CMP is placed at $37,222.82, while the market capitalization stands at $1.364B. The last 24-hour volume traded is $3.1B.

Will YFI be Able to Break Above $40K This Time? 

  The technical chart of Yearn.Finance highlights the severe price damage faced from the past month, followed by moderate recovery. Currently, the price levels have bounced back with the support line’s help placed at 0.786fib level. The bulls will be facing significant resistance above 0.5fib level.       

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RSI (Bullish): The levels are showcasing significant bullish nature after successfully avoiding a negative dip towards the oversold region. The current level stands at 58.77, and a positive breakout above 70.00 can ensure testing of $40K for now. 

MACD (Bullish): The levels have started to showcase bullish nature after spending some time below the histogram. Green bars have also started to form on the histogram. 

Conclusion 

Considering the overall market conditions and technical levels of Yearn.Finance, one can expect the testing of $40K anytime soon. However, a positive breakout from the mark still looks unclear for now. 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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