The overall trend for the YFI token is still bearish. However, the recent bounce back from the $18300 support caused a considerable rally of 73% in this token. The reason for this sudden price pump would be the Yearn Finance Buy-Back Program, where it purchased 282.40 YFI (worth $7.5 million) from the open market for an average of $26,651 per token.
YFI/USD Daily Time Frame Chart
Source- YFI/USD chart by Tradingview
Past Performance or Trend
After the crypto market bloodbath of May ’21, the YFI token price entered into a sideways trend. This lateral movement in price gave birth to a descending triangle pattern in the daily time chart. On December 4th, the token gave a bearish breakdown from this $25000-$25650 neckline, hinting at a stronger downfall in the price.
Token Experiencing Strong Resistance From The Descending Trendline
This new red rally in YFI token price found significant support from the $18500 mark. The price wavered near this support for a couple of days, and after obtaining enough buying pressure, the coin skyrocketed, indicating a 73% gain in five trading days.
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The token price retested the overhead resistance trendline of the triangle pattern, which still provides strong rejection to this pair. The current price of the token is $31944.5, with an intraday loss of 4.98%. If the price drops below this near support, the price will continue to fall and soon rechallenge the $26000 support.
On the contrary, Until the price sustains the nearest support from the $30500, the crypto traders can expect a bullish breakout from the falling trendline.
Technical indicators
The YFI token shows a bearish alignment among the crucial EMAs (20, 50, 100, and 200), indicating a strong downtrend.
The daily Relative Strength Index (62) displayed a strong spike in its value, similar to the token’s price action.
According to traditional pivot levels, the token traders can expect the nearest resistance for the price at $35000, followed by $40000. As for the opposite end, the support levels are $31200 and $26152.
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