YFI forms a highly bullish pattern as of late despite seeing some immense volatility over the past few days and weeks. The buyers of the coin, however, gave a little boost to the token which made it skyrocket by 100% from its recent lows, and now trying to hold it above a crucial resistance level so let’s read more in our altcoin news today.
The selling pressure at this resistance held strong over the past few days with buyers trying to spark a few downsides once they reached this level. however, the YFI bulls flashed some strength signs today and are now moving to flip this level into a support level. Holding above this level could allow the aggregated DeFi sector to push higher and YFI will likely become the primary indicator for this piece of the market.
One trader also noted that a historically bullish pattern will bolster the current technical outlook for YFI as he believes that it could mean that the cryptocurrency is poised for strong gains in the near-term that could lead it up towards the lower $20,000 region. Once the resistance here is broken, the crypto asset could see a parabolic rise allowing It to set new highs. Yearn.Finance’s token is now trading up nearly 6% of its price at $18,600.
As YFI Forms a highly bullish pattern, the near-term trend will still depend on whether or not it can post a high time frame close above the key $18,000 resistance which could be turned into support. The break above the level favors the bulls and shows that there’s a strong further upside that could be in for the crypto asset. YFI’s ongoing uptrend came as the rest of the market started pushing higher with BTC almost hitting the $17,000 level as most altcoins mirror the gains which it posted. While sharing his opinion on where will YFI trend next in the near-term, one analyst explained that he will be watching the lower $20,000 region’s resistance. He noted:
“Sumthin like this for $YFI on the mid term. We break that target area and we go to moon once again.”
Where will the Yearn.finance token close next on its daily candle, should provide us with a clear insight into the trend that will form in the weeks ahead.
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