YFI
Yearn.finance Price Analysis: YFI’s sudden price fall ends its ongoing stable rally of 2022
- Yearn.finance’s crypto price ends its stable rally of nearly two weeks to fall in the market
- YFI’s CMP went down by 16% during the intraday session, with its CMP close to its 24-hour low price mark
- YFI gets little to no bullish or bearish influence over the long term as the token rallies with a neutral momentum
YFI has gone down after breaking out of a stable rally with a bullish potential. With a current market rank of 83, the token’s market cap saw a drop of 16.29% in the last couple of hours. However, the 24-hour trading volume saw a rise of 23.34%. The volume to market cap ratio comes out to be 0.264. The YFI/BTC pair suffered an intraday loss of 5.68%, followed by the YFI/ETH pair’s intraday decrement of 2.34%.
After a stable rally in the mid-January phase, YFI‘s price fell drastically over a short time. The 50, 100 and 200 EMA lines now rally above the CMP. The formation of a stagnance zone kept the EMAs and the pullbacks of the token instability with little to no change (refer to the rectangular zone on the chart). The trend lines drawn over the candlesticks indicate a descent of the token’s price that may continue in the future.
Current market sentiment to push down YFI’s previous bullish attempts in vain
YFI’s daily chart shows the trend lines in the form of a descending triangle resisting its rise on the chart. The MACD line goes down the zero level and the signal line to indicate the fall in YFI’s value. The RSI graph resides in the neutral zone but stays near the oversold zone.
Conclusion- YFI may suffer much more than before as it gets down from a stable token to a bearish one. Due to its steep downfall, its ongoing intraday rally may not serve its day traders well. With appropriate research and analyses, the extended position holders should either hold or reconsider their investment.
Resistance- $39182.793
Support- $19150.244
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
