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- 1 YFI’s price broke out of its critical resistance at the 200 EMA with a strong move.
- 2 YFI price might change its trend if it successfully sustains above the 200 EMA.
YFI’s price after breaking its severe resistance is currently trading above it. While the volumes are also showing a sudden increase indicating that the buyers are showing interest in the YFI token. Althought he making of a red big candle in volume indicates that sellers are trying to overpower the buyers. According to Coinglass, a reputed cryptocurrency futures trading and information platform the sellers are currently overpowering the market with 51-56% of major trading platforms while the buyers are trying to win the dominance back. The current YFI price is $8866 with a change in 24-hour trading volume of 52%.
YFI Price crossed over its major resistance
The market sentiments as of now are trading at a neutral level of around 52 according to the fear and greed index as per the site alternative(dot)me. Yearn Finance is an aggregator service for decentralized (Defi) finance it uses an automation process so that investors can maximize profit from yield farming which is a process where users lock up their cryptocurrency in a decentralized finance (defi) protocol in order to generate interest.
Technical Analysis ( 1 Day Timeframe )
YFI price has recently given a breakout from the 200 EMA in late February while all the major indicators are currently trading below the 200 EMA. The 20 EMA is making an upward curve which might intercept the 200 EMA and if YFI price takes resistance from the 200 EMA, its next support is near the 200 EMA.
Yearn Finance price has recently crossed the 200 EMA and the bearish candle suggests that the price might soon take a bearish correction. Its recent support level is $8177 and the second support is around the level of $7190 while its recent resistance is around the price of $10400.
The RSI line is taking resistance from the oversold levels by 70 points. Currently the RSI line is trading near 62 points while trading above the 14 SMA which is trading at 56 points. The RSI curve is suggesting that it will soon start moving toward the oversold levels while the 14 SMA near the median line might provide support to it.
Conclusion
The YFI price is trading above its previous critical resistance while the major key averages are yet to cross the 200 EMA. The market sentiments regarding YFI price are slightly bearish because of which Yearn Finance might soon take a bearish correction.
Technical levels –
Support – $8177 and $7190
Resistance – $10400.
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.
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.
