Yearn.Finance Price Prediction: YFI on the brink of a 10% upswing as whales go into buying frenzy
- Yearn.Finance price is contained inside an ascending wedge pattern on the 4-hour chart.
- Whales have bought a lot of YFI tokens in the past week, adding buying pressure.
- A breakout above a key resistance level can quickly push YFI towards $50,000.
Yearn.Finance price has been trading sideways for the past three days and seems ready for another leg up as whales have been buying a ton of YFI tokens in the past week.
Yearn.Finance price on the brink of a 10% jump towards $50,000
On the 4-hour chart, YFI has established an ascending wedge pattern that is on the verge of a breakout. The only resistance level is located at $44,800. Climbing above this level should drive Yearn.Finance price towards $50,000.
YFI/USD 4-hour chart
This bullish outlook is supported by the fact that the number of whales holding between 100 and 1,000 YFI tokens ($4,400,000 and $44,000,000) has increased by 11 since February 15 and has been on an uptrend for months.
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YFI Holders Distribution
Nonetheless, if YFI bulls fail to hold the critical support level of $42,850, Yearn.Finance price can quickly fall towards $40,000 and lower as it would be a clear breakdown of the ascending wedge pattern.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
