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- Yearn.finance price is trying to gather support inside the consolidation phase over the daily price chart.
- YFI crypto stands at 92nd Position on the coin market and is currently approximated at $9,536 over the chart.
- The pair of YFI/BTC is at 0.4801 BTC with an intraday gain of 2.53%.
Yearn.finance’s cryptocurrency price has been stable since August 20 inside the area of horizontal range-bound trading. The token has been attempting to exit the consolidation phase, but bulls have consistently been unable to retain gains at the consolidation phase’s level. According to YFI’s bullish outlook, they are this time focusing on documenting the token’s exit from the horizontal zone. The token’s price, however, has remained the same at $8,300 to $10,500. YFI’s price is currently soaring into the consolidation phase’s top range and is strongly trending upward. YFI bulls must keep their position at the trendline in order to allow the token to move above the caged region.
Yearn.finance’s estimated price is currently $9536, and its market value decreased by 0.23% the day before. However, there was a 125.55% increase in transaction volume during the intraday trading session. This could mean that while sellers are attempting to thwart the move, bulls are trying to maintain and allow the token surge.Volume to market cap ratio is 0.4067.
YFi’s price is heading upward approaching the top trendline of the consolidation phase on the daily price chart. Bulls must assemble at YFI to see the token’s breakout. Bears, however, could at any time reverse the upward momentum of the YFI coin because volume suggests that the rate of accumulation is quite slow. Bulls in YFI must accumulate swiftly to avoid falling into any negative pitfalls.
What do Technical Indicators suggest about YFI?
On the daily chart, the YFI coin price is attempting to hold at the present level during the consolidation phase. Technical indications point to the YFI coin’s downward trend momentum.
Relative Strength Index showcases the downtrend momentum of YFI coin. RSI is at 50 and is hovering at neutrality to breakdown. MACD exhibits the consolidation phase of the YFI coin. The MACD line is below the signal line but with minor differences. YFI investors need to wait for any directional change over the daily chart.
Conclusion
Yearn.finance’s cryptocurrency price has been stable since August 20 inside the area of horizontal range-bound trading. The token has been attempting to exit the consolidation phase, but bulls have consistently been unable to retain gains at the consolidation phase’s level. According to YFI’s bullish outlook, they are this time focusing on documenting the token’s exit from the horizontal zone. The token’s price, however, has remained the same at $8,300 to $10,500. YFI’s price is currently soaring into the consolidation phase’s top range and is strongly trending upward. Bears, however, could at any time reverse the upward momentum of the YFI coin because volume suggests that the rate of accumulation is quite slow. Bulls in YFI must accumulate swiftly to avoid falling into any negative pitfalls. Technical indications point to the YFI coin’s downward trend momentum. The MACD line is below the signal line but with minor differences. YFI investors need to wait for any directional change over the daily chart.
Technical Levels
Support Levels: $9050 and $8300
Resistance Levels: $10000 and $10300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
