Yearn Finance Price Prediction: YFI targets $100,000

Yearn Finance price is reaching overbought levels, but the rally’s strength over the last two days projects further gains for the altcoin in the short term, potentially 40% from the current price.

Yearn Finance price capitalizing on the fierce race for yield

At the time of writing, Yearn Finance price is up 18%, following yesterday’s 17% gain and bullish outside day on the bar chart. The two-day gain is the second-largest since the broadening ascending channel began in November 2020, driving the daily RSI above the popular overbought level of 70. Moreover, YFI sliced through the 161.8% Fibonacci extension of the 2020 bear market of over 80%.

Based on the historical precedent of other local tops during the duration of the channel, Yearn Finance price is likely one or two days away from marking a new local top. Specifically, when the daily RSI has crossed 70, Yearn Finance price has shifted into a correction within three days or less. If Yearn Finance price continues the rally, it should be complete by Thursday or Friday.

 A continuation of the rally, prescribed by the historical levels of volume, will first discover resistance at the channel’s upper trend line at $94,955 and then the 261.8% extension of the 2020 decline at $102,900, representing a 40% gain from the price at the time of writing.

YFI/USD daily chart

Following a local top, Yearn Finance price will find support at the April 19 high at $57,495 before a notable decline to the 100-day simple moving average (SMA) at $40,773, a basis for support during corrections since December 2020.