Yearn.finance Price Analysis: despite the range-bound market, technical indicator reflects hidden bullish sign for YFI token
- The Yearn. Finance token is observing in the range-bound market after slipping to a monthly high of $25,000 Mark.
- YFI token price is trading below important exponential moving averages (including 20, 50, 100 and 200 EMA).
- YFI/BTC pair is trading at 0.4617 Satoshis, slightly lower than 0.48%.
Yearn.finance token has been consolidating below $20,000 for the past 10 days after reversing from a $20,000-monthly high. However, after reaching an all-time high of $95000, the coin has been suffering from a lower-low formation since May 12.
Yearn.finance token is in a narrow horizontal range for over a week, therefore, traders are far away from this crypto. After the sharp selloff on April 11, the bears barely managed the cost of the YFI token below the $20,000 level (short-term Halish barrier).
In the context of the weekly price chart, the bears found a selling point near the 20 EMA (Green) as the YFI token declined over 28% from there to a weekly low of $17982. Thus, the asset is seeing a lower essential exponential moving average (including 20, 50, 100 and 200 EMAs) after sliding down the 20 EMA in early April.
However, the YFI token was trading at $19,163 at the time of writing, with sideways momentum over the past 24 hours. Similarly, the YFI/BTC pair is trading at 0.4617 satoshis, which is slightly lower by 0.48%. However, trading volume declined by 4% last night to reach over $67.6 million.
RSI indicates the recovery sign
In terms of the daily price chart, the RSI indicator is looking inside a rising parallel channel (Yellow) below the semi-line (50 mark).
Moreover, the MACD indicator moved back into negative territory after a bearish crossover. Now MACD suggests that the Yearn.finance token is weak.
The RSI indicator in the parallel channel is slightly bullish but the MACD on the other hand is showing weakness in the yearn.finance token. There is a solid hedge area for the bulls near $18,000, so we could see a rally from here.
Support level – $18,000 and $17000
Resistance level – $20,000 and $25,000
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.