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- 1 The YFI strictly follows the bullish rally after being hit by bears in the past few months.
- 2 The current price of the yearn finance is hovering around $9483.35 with a gain of 18.48% during the last intraday trading session.
- 3 The YFI price is trading above the 20,50,100,200 days of the daily moving average.
Yearn Finance is one of the best Defi coin to invest in; the coin is performing exceptionally well over the daily price chart. The bullish rally of the coin continues after being in the volatile market of cryptocurrencies. The coin has regained its potential after the collaboration of Yearn and Velodrome. The coin has been under bullish dominance since the start of Feb 2023.
The Yearn Finance has grown by around 18.48% during the last intraday trading session. And the coin is now surfing around $9483.34. The pair of YFI/BTC is around with the rise in the last 24 Hours the bullish rally is helping the investors the whales may move due to the Bullish dominance of the coin. This Bullish rally may help the coin to surge up to the primary resistance of $10951.58 and it may result in the coin reaching its secondary resistance of $12236.16.
If the bears enter the trade the price of the coin may drop up to the primary support of $6582.92.
The bears must try hard to enter the trade as previously the coin was under bearish dominance. If the bearish trend persists then the price of the coin may drop to the secondary support of $4938.34.
The sellers have got a bite to the dust. The volume of the coin has increased by 49.80% during the last intraday trading session the coin is surging toward its all-time highs. As the volume increases the short-selling pressure over the coin decreases. The YFI’s price is trading above the 20,50,100,200 Days of Daily Moving Average.
A Quantitative Approach to Analyze the Technical Indicators
The technical indicators shows that: The Buying has increased and the Buyers are putting extra pressure on the YFI’s RSI the RSI has been driven to the over-brought zone the current RSI of the coin is 74.25.and the average RSI is 54.25. The MACD and MACD signal have collapsed giving the positive crossover. The selling is getting weaker and the sellers have to work to bring the RSI toward neutrality. There has been joy among the investors as the coin follows an upward trend.
Conclusion
The current market trend of Yearn Finance is bullish. The coin is following the upward trend. The coin is on the surge to reach the resistance it may return from its resistance. If the bears enter the trade. The coin has gained 18.48% in the last 24 hours. The volume of the coin has grown by 49.80%. The Yearn Finance is one of the promising Defi coin
Technical Levels-
Resistance level- $10591.58 and $12236.16
Support level- $6582.92 and $4938.34
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
