Yearn.Finance Price Prediction: YFI eying up $40,000 after defending critical level


  • YFI price has plummeted from a high of $39,939 on January 9 to a low of $25,250.
  • YFI bulls managed to defend a crucial support level at $26,000 and are ready to push the digital asset towards $40,000.

YFI price had a massive 50% breakout on January 7 which got a lot of continuation in the next two days up to $39,939. Unfortunately, the entire market suffered a significant collapse and YFI dropped towards $25,250. 

YFI price on its way to $40,000, shows metrics

On the daily chart, the digital asset dropped to a low of $25,250, but the bulls managed to buy half of the dip and defended the crucial 50-SMA support level at $26,000. YFI price is currently trading at $30,700. 

yfi price

YFI/USD daily chart

The In/Out of the Money Around Price (IOMAP) chart indicates that the strongest resistance barrier is located between $32,700 and $33,637. A breakout above this area can quickly drive YFI price towards $40,000 as there seems to be very little resistance ahead. 

yfi price

YFI IOMAP chart

Additionally, it seems that despite the massive 50% price increase in the past month, the number of whales holding between 100 and 1,000 YFI coins ($3,000,000 and $30,000,000) has increased by 10, indicating that large holders are interested in YFI for the long-term.

yfi price

YFI Holders Distribution chart

However, if the bulls can’t hold the 50-SMA support level at $26,000 on the daily chart, YFI price can quickly fall towards the 100-SMA at $21,000.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first

Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.

More Cardano News

Ethereum price aims to flush out doubters before the ultimate breakout to $2,000

Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.

More Ethereum News

XLM Price Prediction: Stellar consolidates ahead of a 30% move

XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.

More XLM News

Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP