Yearn.finance Price Analysis: YFI struggles to continue its previous bullish rally on the daily chart
- Yearn.finance’s crypto price has started to fall amidst its intraday downtrend
- YFI’s CMP went down by 20% than last week, with its CMP close to its 24-hour low mark
- YFI may lose its long-term bullish influence due to the current scenario
YFI has started to go down after achieving a robust bullish breakout in the last week. With a current market rank of 81, the token’s market cap saw a drop of 7.52% in the last couple of hours. However, the 24-hour trading volume got incremented by 1.8%. The volume to market cap ratio comes out to be 0.1985. The YFI/BTC pair suffered an intraday loss of 6.29%, followed by the YFI/ETH pair’s decrement of 5.38% during the intraday session.
After a successful steep bullish rally, YFI‘s price on the hourly chart fell prey to the bears during the current intraday session. The 50, 100 and 200 EMA lines rally above the CMP, resisting the token’s price action. The formation of the double bottom pattern played a vital role in the upliftment of the token’s price, but its influence went in vain as the price descends in the form of a descending triangle formed by the trend lines.
YFI’s price action loses its grip over its long-term bullish plan
YFI’s daily chart shows that the token currently suffers from multiple pullbacks after getting high performance from its rally in the previous quarter. The MACD line runs over the zero level and signal line, but its downward direction indicates a fall in the price. The RSI graph also resides in the neutral zone but shows that the graph is rallying towards the oversold zone.
Conclusion- YFI is to suffer from the current bearish trend. Still, the possibility of getting a hike after the latest pullback on the daily chart may interest its long-term investors. One may consider day trading but only after getting a stable dip with a bullish tendency.
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.