Yearn.Finance price can quickly explode towards $32,000 if bulls can push it above this level
- Yearn.Finance price struggles to stay above a critical support level than can push the digital asset to new highs.
- For the most part, YFI has been trading sideways in the past month.
Yearn.Finance is trading at $23,290 at the time of writing and remains bounded inside a tightening pattern awaiting a clear breakout or breakdown. Bulls will need to push the digital asset above a crucial support level to have the upper hand.
Yearn.Finance price struggles to stay above $24,000
On the 12-hour chart, the 100-EMA has been acting as a robust support level for the past few months. This is the first time YFI price broke below this critical level. Bulls need to push the digital asset above $24,000 to recover the support and push Yearn.Finance price towards the nearest high of $29,000.
YFI/USD 12-hour chart
Additionally, the TD Sequential indicator has presented a red ‘8’ candle which is usually followed by a strong buy signal on the 12-hour chart, adding credence to the bullish outlook. In the long-term, bulls target the high of $32,000.
YFI IOMAP chart
On the other hand, if the 100-EMA rejects the price again, the next price target for the bears would be around $18,000. The In/Out of the Money Around Price (IOMAP) chart shows significant resistance ahead above $23,000 but very little support on the way down between $23,000 and $19,724, giving the bears the upper hand.
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.
