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.
Source- YFI/USD chart by Tradingview
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.
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.
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.
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.
Despite recent escalations in geopolitical tensions between the United States, Israel and Iran, Ripple has…
The potential of Ripple's XRP to transition from a payment token to a global reserve…
Federal Reserve Chair Jerome Powell will stay in his post past May 15. He cited…
Meta Platforms is back in the crypto game with stablecoins in focus. This time, the…
The Federal Reserve has decided to hold interest rates steady for the third consecutive FOMC…
Bitcoin has fallen below the psychological $76,000 level as U.S. President Donald Trump has rejected…