Lorenzo Stroe
Independent Analyst
- Yearn.Finance price has broken down from a crucial pattern on the 4-hour chart.
- The digital asset seems to be poised for a short-term correction.
Yearn.Finance established a potential double top on the 4-hour chart at around $40,000 which seems to be close to confirming. YFI seems to be poised for a steeper pullback as bulls failed to hold a crucial support level at $32,300.
Yearn.Finance price falls alongside other coins
The entire cryptocurrency market suffered a strong sell-off in the past 24 hours. YFI had a breakdown below $32,300, which was the lower trendline of an ascending triangle pattern on the 4-hour chart.
YFI/USD 4-hour chart
The bearish price target of this breakdown is around $20,800, determined by measuring the height from the top of the trendline resistance level and the beginning of the lower ascending support trendline.
YFI buy signals
However, before another leg down, YFI could see some short-term bullish action as the TD Sequential indicator has just presented a buy signal – in the form of a red 9 candle – on the 2-hour chart and is on the verge of doing the same on the 1-hour chart.
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