fxs_header_sponsor_anchor

Yearn.Finance Price Prediction: YFI looks ready to regain lost ground, bulls target $25,000

  • Technical indicators show that YFI's price seems to be gearing for a rebound.
  • On-chain metrics give credence to the bullish narrative as the market appears to have found stable support.

Following a significant retracement that has sent the price of Yearn.Finance below $21,000, it would seem that it is on the cusp of an upward trend. After trading in treacherous zones for a while, technical indicators show that the digital asset might not remain there for long.

Yearn.Finance price poised to rebound

The TD Sequential indicator provided a buy signal on Yearn.Finance's 6-hour chart. The bullish formation came as a red nine candlestick, indicating a potential upswing on the DeFI token’s sight.

Although YFI sits at $22,500 at the time of writing, a spike in buying pressure could see prices soar towards $25,000.

YFI/USD 6-Hour chart

IntoTheBlock's "In/Out of the Money Around Price" (IOMAP) model adds credence to the bullish outlook. Based on this on-chain metric, the only significant resistance level ahead of Yearn.Finance sits at $25,000. Here, more than 250 addresses bought over 5,000 YFI. 

In/Out of the Money Around Price for YFI

On the flip side, transaction history suggests that the $19,000 level plays a significant role in Yearn.Finance's trend. The IOMAP cohorts show that this is the strongest support zone underneath this cryptocurrency because over 350 addresses had scooped up nearly 2,800 YFI tokens around this price.

It is very likely that this area would be strong enough to subdue some of the selling pressure and prevent a further decline. Failing to do so may open the pandora box since the IOMAP indicates that the next important support wall sits around $17,700 and $18,100.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.