Yearn Finance price could double within the next few weeks as buying pressure mounts

Yearn Finance price broke out of an ascending triangle pattern recently forecasting a potential 90% upswing to $76,500.
On-chain transactional data reveals that a 1-day candlestick close above $46,000 is a must for YFI's rally.
Rejection at this crucial supply barrier could lead to a correction towards $30,000.

Yearn Finance price has been consolidating in an ascending triangle pattern for almost five months. A spike in YFI price and volume on February 11 signaled the end of the stagnation phase and the beginning of a new uptrend.

Yearn Finance price aims for higher highs

Yearn Finance price broke out of an ascending triangle pattern recently, indicating a bullish future for the altcoin. Such a technical formation predicts a 90% price surge, which is the distance of the triangle's y-axis, applied to the breakout point.

This target puts YFI at $76,500.

YFI/USDT 1-day chart

Based on IntoTheBlock's Global In/Out of the Money (GIOM) model, the resistance barrier at $46,000 is the only one preventing YFI's bull rally. Here, roughly 2,000 addresses that purchased nearly 8,200 YFI are underwater.

Therefore, these investors might absorb any short-term bullish momentum by selling their holdings to break even. Hence, a 1-day candlestick close above this level is essential for YFI's upswing.

Yearn Finance GIOM chart

On the other hand, YFI's bullish thesis will be invalidated if the short-term buying pressure is overwhelmed by the “Out of the Money” investors around the $46,000 level.

In such a case, a steep correction will push the governance token to the support barrier at $30,000, where roughly 3,100 addresses hold 7,600 YFI.

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