Yearn.Finance Price Prediction: YFI prepares for a 27% upswing as technicals flip bullish

Yearn.Finance is on the cusp of losing the most expensive cryptocurrency title after Bitcoin embarked on the adventurous journey to hit new all-time high after new all-time high. The decentralized finance (DeFi) token trades around $26,700 while Bitcoin appears to hold at $23,100.

Yearn. Finance on the brink of lifting off to $35,000

The 4-hour chart shows the formation of a symmetrical triangle pattern. The chart pattern is created by converging a couple of trendlines that link sequential peaks and troughs. Generally, the trendlines are supposed to cross at an approximately equal slope. The formation brings to light a period of consolidation ahead of either a breakout or a breakdown.

Realize that a breakdown occurs from the ascending trendline and identifies the beginning of a downtrend. On the other hand, a breakout happens at the descending trendline and signifies the start of a bullish trend. Symmetrical patterns tend to have precise price targets for the breakout or breakdown, mainly measured from the highest point to the pattern's lowest point.

YFI/USD 4-hour chart

If Yearn. Finance closes the day above the 100 Simple Moving Average; a breakout is likely to come into the picture, targeting $35,000 after a 27% spike.

IntoTheBlock's IOMAP model reveals that the path ahead of YFI is relatively smooth apart from the subtle resistance from $26,915 to $27,680. Here, 434 addresses had previously bought about 2,400 YFI. Trading above this zone is likely to boost Yearn.Finance to price levels above $30,000.

On the downside, YFI is sitting on an area with immense support, running from $24,575 to $25,340. Here, 362 addresses had previously purchased approximately 6,000 YFI.

Yearn.Finance IOMAP chart

It is worth mentioning that the bullish outlook to $35,000 will be invalidated if YFI slipped and closed the day under the 100 SMA. Moreover, a break under the triangle's ascending trendline might kick start massive declines, perhaps stretching to $18,000.