Lorenzo Stroe
Independent Analyst
- Yearn.Finance price is contained inside an ascending wedge pattern on the 4-hour chart.
- Whales have bought a lot of YFI tokens in the past week, adding buying pressure.
- A breakout above a key resistance level can quickly push YFI towards $50,000.
Yearn.Finance price has been trading sideways for the past three days and seems ready for another leg up as whales have been buying a ton of YFI tokens in the past week.
Yearn.Finance price on the brink of a 10% jump towards $50,000
On the 4-hour chart, YFI has established an ascending wedge pattern that is on the verge of a breakout. The only resistance level is located at $44,800. Climbing above this level should drive Yearn.Finance price towards $50,000.
YFI/USD 4-hour chart
This bullish outlook is supported by the fact that the number of whales holding between 100 and 1,000 YFI tokens ($4,400,000 and $44,000,000) has increased by 11 since February 15 and has been on an uptrend for months.
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YFI Holders Distribution
Nonetheless, if YFI bulls fail to hold the critical support level of $42,850, Yearn.Finance price can quickly fall towards $40,000 and lower as it would be a clear breakdown of the ascending wedge pattern.
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