Yearn.finance (YFI) peaked at $88,277 in the beginning of May. The cryptocurrency succumbed to bearish pressures and has been on a downhill ever since. However, recent price movements may indicate a reversal of the downward trend. At the time of writing, yearn.finance stands at a price level of $36,700. The price has moved upwards by 6% in the past twenty-four hours while the trading volume has gone up by 74%.
Yearn. finance (YFI) technical analysis
The positive price movement in the recent timeframes has also changed the market outlook from bearish to neutral. Out of the total twenty-six technical indicators, the buy and neutral indications stand at nine each while the sell signals are eight. The oscillators are mainly neutral while the moving averages are suggesting an uptrend with bullish indications.
A trader has identified various crucial price levels for yearn.finance in their analysis. Per the trader, YFI crypto is operating on an ascending support line. The recent price action indicates an upward spike towards the horizontal resistance level at $55,325. It is also expected that yearn.finance will not be able to break the resistance level. If the scenario plays out, YFI coin’s bulls will die down soon and the bears will overtake the market. YFI crypto may be dumped until it reached the ascending support line again to stabilize. If the support at nearly $30k fails, the next support level can be found at $12k.
What is yearn.finance (YFI)?
Yearn.finance was launched in July 2020. The platform has garnered a lot of attention in a short span of time. Yearn.finance has a market rank of sixty-three in terms of capitalization – which is admirable given how new the project is. Yearn.finance’s aim is to simplify decentralized finance for investors. It acts as an aggregator service for DeFi investors and allows them to invest without requiring any technical knowledge about the DeFi space.
The DeFi sector has been growing exponentially. In the past week, DeFi ranked second in sector-wise performance with a weekly return of 4.8%. Cryptocurrencies like Compound, Maker, Aave and Terra were some of the best performers in the sector; however, the growth of the sector pulls up all assets. Yearn.finance’s growth can be attributed towards the DeFi space’s growth.
