The Yearn Finance token bounced by 15% from the local bottoms but a fractal playing out could send the token high to a new record as we are reading more in today’s altcoin news.
YFI continues to defy all of the Defi tokens as it increased by 15% from the local bottom. When the price action passed through the support and starts acting as a resistance, it is a sign that the range is in the past and the market will test new prices. The same is true in reverse as well just as it can be seen in the charts. As the Yearn finance token bounced, is the supply of just 30,000 is more expensive than Bitcoin which is why the market went into a tailspin.
After the pullback, and the rally afterward thanks to the Coinbase listing, YFI is back retesting the resistance level which punched the coin through on the way up back again. If confirmed the similar increase that could come soon as the fractal playing out makes the rally all the more likely. In addition to the support, Yearn Finance is showing signs as the last time it did when the support was reclaimed. The failed reversal sign took prices lower on the 4-hour chart after the four bullish candles which show signs of bulls trying to take over contr.
The bulls eventually took over control and YFI went flying once again. The move coincided with the break of the downtrend resistance and the pattern is about to play once again. Comparing to the previous rally, it would take the same time for YFI to a peak price of more than $66,000 or more. Giving credence to the bullish outcome, Is’ a crossover to the upside nearing the completion of the MACD indicator.
The MACD is a momentum measuring tool which marks the last time the indicator crossed a bullish sign of what is yet to come since the rally is preparing. The recovery in YFI could help the rest of the tokens from the falling crypto space including coins such as Binance Coin and Chainlink. With the little bullish momentum growing, it will help these coins but it could also cause a stir in the crypto space. Uniswap debuted the UNI token recently and distribute it to early users via airdrop. The profits fro UNI could be flowing into the coin and other defi projects which can be considered as a pump behind the latest Ethereum rally.
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