Yearn.Finance Price Analysis: Only this crucial level separates YFI from reaching $40,000


  • Yearn.Finance price is currently bounded inside an ascending parallel channel.
  • The digital asset faces a strong resistance barrier between $31,000 and $32,000.
  • YFI price can quickly climb towards a high of $40,000.

YFI is currently trading at $30,000 and has been moving sideways for the past week. It seems that one crucial resistance level is separating Yearn.Finance from a massive breakout towards a high of $40,000.

YFI price on the way to a massive breakout towards $40,000

YFI has established a long-term ascending parallel channel on the 12-hour chart and bulls have defended the lower trendline support at $26,000 in the past week. The 50-SMA level at $31,500 is acting as a strong resistance level.

yfi price

YFI/USD 12-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows only one crucial resistance area between $30,190 and $31,000 which coincides with the 50-SMA, adding a lot of credence to the breakout of this resistance. Climbing above this point will push YFI price towards $40,000 as there are no other barriers on the way up.

yfi price

YFI IOMAP chart

However, since January 20, the number of whales holding between 100 and 1,000 coins ($3,000,000 and $30,000,000) has dropped by six, indicating that large holders are no longer interested in YFI and are exiting the network.

yfi price

YFI Holders Distribution chart

This could lead to a notable increase in selling pressure as whales exit the network. On the 1-hour chart, a crucial support level at $27,300 has been formed since January 11. The 50-SMA support at $30,200 is holding YFI price from falling towards $27,300.

yfi price

YFI/USD 1-hour chart

The IOMAP chart also shows that the area between $29,200 and $30,140 with 7,540 YFI in volume is the strongest. A breakdown below this point will push YFI down to $27,300. However, losing this critical support level can send YFI down to $22,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP