- Yearn.finance immediate upside capped by the 50 SMA as bearish pressure intensifies.
- On-chain analysis suggests that the path with the least hurdles is downwards.
Yearn.finance has lost a great deal of its value since it traded an astronomical all-time high of $44,000. The 4-hour chart illustrates the several attempts made to regain the lost ground. However, buying pressure has continuously been thwarted. The biggest blow was the recent slide to $12,000. Luckily, buyers came to the rescue of the decentralized finance token.
A recovery ensued and tested the crucial level at $20,000. Several other critical zones remained unconquered, including the 50 Simple Moving Average (SMA), the long-term descending trendline, and the 100 SMA in the 4-hour timeframe.
Yearn.finance retreated again but this time, support seems to have been embraced above $15,000. The Relative Strength Index (RSI), nonetheless is forming a lower higher pattern, bringing into the picture the hovering selling activities.
YFI/USD 4-hour chart
It is essential that the 50 SMA resistance is broken soon to allow bulls to shift the focus to $20,000. However, the sellers’ grip is likely to continue intensifying putting more pressure on the short-term support at $15,000. Support at $12,000 is still intact and would hold in case an extended or sharp reversal comes into the picture.
IntoTheBlock’s IOMAP chart confirms the possible bearish scenario by revealing intense supply areas towards $20,000. The largest resistance zone runs from $16,363 to $16,831, where 46 addresses previously purchased 3,900 YFI.
Trending Stories
On the downside, Yearn.finance is accorded relatively weak support as observed from the model. However, the strongest buyer congestion zone runs from $14,448 to $14,916. Here, 266 addressed previously purchased roughly 613 YFI.
Yearn.finance Key Levels
Spot rate: $15,790
Relative change: 124
Percentage change: 0.84%
Trend: Bearish bias
Volatility: Low
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?