Lorenzo Stroe
Independent Analyst
- Yearn.Finance price is on the verge of a massive breakout.
- Several key on-chain metrics indicate the digital asset is exceptionally bullish.
YFI is currently trading at $29,500 and only faces one significant resistance at $29,890 before a potential massive breakout. The network's growth indicates that investors are highly interested in the digital asset which is on the verge of a breakout.
Yearn.Finance price needs to crack the $29,890 resistance level to climb higher
On the daily chart, YFI is now under a critical resistance level at $29,890, the high established on November 20. A breakout above this point would quickly drive Yearn.Finance price towards $32,000.
YFI/USD daily chart
The digital asset remains inside a robust daily uptrend establishing a clear higher low at $18,228 compared to $7,451 seen on November 5. The MACD has turned bullish again for the first time since November 6, indicating that YFI bulls currently have a lot of strength.
YFI Holders Distribution chart
It seems that the number of whales holding between 10 and 100 coins, $290,000 and $2,900,000, has increased significantly in the past five days from 125 to 138, indicating that large investors are not interested in selling despite Yearn.Finance price rising.
YFI New Addresses chart
Additionally, the number of new addresses joining the YFI network is also growing significantly over the past month, with several major spikes on November 6 and November 19. This metric indicates that new investors are highly interested in YFI, adding more buying pressure.
YFI IOMAP chart
On top of that, the In/Out of the Money Around Price (IOMAP) chart shows practically no resistance until $32,000, confirming the bullish price target. On the way down, there seems to be stable support from $28,531 until $25,127.
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
Crypto community brace for presidential election, upcoming debate stirs attention
Polymarket odds on Monday reflect growing anticipation toward the upcoming US presidential election in November, with Trump leading in the prediction market. Meanwhile, Bernstein analysts predict that this year's election may decide the fate of the crypto industry in the United States.
Ethereum ETFs record another week of heavy outflows as whales shed their holdings
Ethereum ETFs posted a net outflow of $98.1 million last week following ETH's price struggles. The US spot ETH ETFs, led by Grayscale ETHE’s $111 million exodus, dominated the negative flows after recording outflows for all its trading days in the week.
Crypto products post heavy outflows amid August decline in US unemployment rate
Digital asset products record highest outflows since March, totaling $725.7 million. US Bitcoin ETFs saw the highest outflows following the release of lower-than-expected macroeconomic data. Ethereum ETFs saw further outflows of $98 million, while Solana ETFs recorded minor inflows.
XRP dips to $0.52, Ripple reserve on Binance down by whopping 167 million since July
Ripple (XRP) reserve on one of the largest crypto exchanges, Binance, declined by 167 million in a time frame of five weeks. This is a key development for XRP holders since a decline in the asset’s reserves on exchanges implies there are fewer XRP tokens to sell.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.