- Yearn.Finance price is on the verge of a massive breakout.
- Several key on-chain metrics indicate the digital asset is exceptionally bullish.
YFI is currently trading at $29,500 and only faces one significant resistance at $29,890 before a potential massive breakout. The network's growth indicates that investors are highly interested in the digital asset which is on the verge of a breakout.
Yearn.Finance price needs to crack the $29,890 resistance level to climb higher
On the daily chart, YFI is now under a critical resistance level at $29,890, the high established on November 20. A breakout above this point would quickly drive Yearn.Finance price towards $32,000.
YFI/USD daily chart
The digital asset remains inside a robust daily uptrend establishing a clear higher low at $18,228 compared to $7,451 seen on November 5. The MACD has turned bullish again for the first time since November 6, indicating that YFI bulls currently have a lot of strength.
YFI Holders Distribution chart
It seems that the number of whales holding between 10 and 100 coins, $290,000 and $2,900,000, has increased significantly in the past five days from 125 to 138, indicating that large investors are not interested in selling despite Yearn.Finance price rising.
YFI New Addresses chart
Additionally, the number of new addresses joining the YFI network is also growing significantly over the past month, with several major spikes on November 6 and November 19. This metric indicates that new investors are highly interested in YFI, adding more buying pressure.
YFI IOMAP chart
On top of that, the In/Out of the Money Around Price (IOMAP) chart shows practically no resistance until $32,000, confirming the bullish price target. On the way down, there seems to be stable support from $28,531 until $25,127.
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
Editors’ Picks
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.
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.
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.
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.
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.
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.