• YFI is bounded inside a descending triangle pattern.
  • Bulls need to hold critical support level at $13,000 to avoid a significant pullback.

Despite the bullish momentum of the entire crypto market, it seems that YFI hasn’t benefited from it, being down 16% since October 24. The digital asset is currently trading at $13,153 and shows almost no signs of recovery. 

Slipping below $13,000 can drive YFI towards $8,600

The lower trendline at $13,000 of the descending triangle pattern formed on the 4-hour chart has acted as strong support several times in the past since October 8. A break below that level would be significant for the sellers.

yfi price

YFI/USDT 4-hour chart

The MACD remains bearish and started to gain momentum again. The length from the top of the triangle to the lower trendline can be used as a price target for the bears. In this case, it seems that YFI could drop as far as $8,600.

yfi price

YFI IOMAP chart

Furthermore, the In/Out of the Money Around Price shows very little support on the way down from $13,129 until $11,172. In comparison, resistance is far more substantial as a higher number of investors bought additional YFI tokens on the way up.

A positive sign for YFI bulls

On the other hand, it seems that the TD Sequential indicator is about to present a strong buy signal on the 12-hour chart. Successfully defending the robust support trendline of the descending triangle pattern could drive the price of YFI towards the upper resistance at $14,100. 

yfi price

YFI/USDT 12-hour chart

A breakout above $14,100 can push the digital asset towards the 50-SMA at $15,222 on the 12-hour chart. A longer-term price target could be almost $19,000, representing a 32% price jump from the triangle pattern.  


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


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP