- Yearn.Finance price is trading inside a descending triangle on the 4-hour chart.
- Several on-chain metrics have turned bearish in the past week, indicating that YFI is poised for a pullback.
YFI had an astounding 290% bull rally that started on November 5 and peaked on November 20 at $29,890. The digital asset seems to be under consolidation, and many indicators are turning bearish in the past week.
YFI needs to hold critical level to avoid a 23% pullback
On the 4-hour chart, Yearn.Finance price is trading at $22,459, just above the lower boundary of the descending triangle pattern formed. A breakdown from this point would most likely drive YFI price towards $17,500.
YFI/USD 4-hour chart
The bulls have lost the 50-SMA support level on November 25. If the support level at $22,459 fails to hold, the nearest price target would be the 100-SMA at $21,230, from which the price could potentially rebound towards the lower boundary of the channel as a re-test.
YFI Holders Distribution chart
It also seems that YFI whales are dumping their coins. The holders distribution chart shows that the number of investors holding between 10 and 100 YFI coins ($240,00 and $2,400,000) has significantly dropped since November 16 from a high of 145 to a current low of 130.
YFI Network Growth chart
Additionally, the network growth of YFI, which had a massive spike that started on November 16, is now declining significantly, which indicates the digital asset is weak and prone to price correction periods.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?