Price Forecast: YFI Poised For A Rally To $35,000

By John Isige
Published October 1, 2020 Updated October 1, 2020
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Yearn Finance Price Forecast: YFI Poised For A Rally To $35,000

By John Isige
Published October 1, 2020 Updated October 1, 2020
  • bounces off support validating a key bullish outlook.
  • The formation of double-bottom pattern prints a positive picture for gains targeting $35,000.

The decentralized finance (DeFi) darling, is resuming the uptrend after falling consistently from highs around $34,000, traded on September 27. The crypto encountered high selling pressure after another bounce from support established at $20,000 On September 24. The recent retreat held the ground at $21,800, breathing life into the bullish camp.

At the time of writing, YFI is exchanging hands at $25,500 after adding more than 7% in gains over the last 24 hours. Its immediate upside is capped by the 50 Simple Moving Average (SMA) in the 4-hour range. For the bullish outlook to hold, YFI must step above this key moving average and make a daily close. It is from here that buyers will have the opportunity to shift their focus on higher levels such as $28,000 and $30,000.

Meanwhile, the bullish action also follows the formation of another double-bottom pattern. These types of chart patterns highlight key support areas and often help investors to time reversals from an extended downtrend. They also have a clear target on the upside, for instance, $35,000 for

YFI/USD 4-hour chart

YFI/USD price chart
YFI/USD price chart by Tradingview

From another technical perspective, the Relative Strength Index (RSI) seems to be validating the bullish outlook as it scales the levels towards the midline. Continued upward action on the road to the overbought would encourage more buyers to join the market, thereby creating the volume needed for the breakout to $35,000. Intraday Levels

Spot rate: $25,500

Percentage change: 7%

Relative change: 1740

Trend: Bullish

Volatility: Expanding

Read more: Technical Analysis: YFI rebound to $25,000 remains a challenge


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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