YFI Price Analysis: Will Yearn.finance bounce back?
•YFI/USD is currently priced at $20,502.41 and has decreased by 5% over the past day
•The technical indicators suggest a bearish outlook for the near term
•The trading volumes have increased by 2% over the last day
Short Term View: No respite for bulls as YFI plunges even further
The yearn.finance price today is $20,502.41 USD with a 24-hour trading volume of $95,922,075 USD. yearn.finance is down 5.00% in the last 24 hours. The trading volumes have increased marginally over the past day as profit booking continued to take place on Saturday. The Volume to Market Cap Ratio stands at 0.1277, reflecting the weak sentiment in the market.
Yearn.finance is currently in the midst of a downtrend which is reinforced by the short-term moving averages transacting above the YFI Coin price, with the gap between them increasing as well. If the bears are able to break Yearn.finance down below the $20,260 support level, then altcoin would more than likely fall even further, perhaps sending the price down to the $19,750 level. On the other hand, if the $20,710 resistance level holds, that could be a positive turn of events.
Long Term View for Yearn.finance
The MACD indicator for YFI suggests a bleak outlook for the near term as the Histograms have turned red on the daily chart as a result of the bearish crossover observed two days ago. Moreover, the MACD line is about to enter the negative zone as well. On the other hand, the relative strength index (RSI) on the four-hour chart is transacting at 43.99 and is heading towards the overbought levels, similar to what occurred in late December, which preceded a pullback in price.
The market analysis for yearn.finance is showing that the bulls have lost their power while bears have taken control of the market. This may lead to another hill formation just like the previous week, as the current trading price of YFI is 5% down from yesterday’s close.
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.