Yearn.Finance Price Prediction: YFI prepares for a 27% upswing as technicals flip bullish


  • Yearn.Finance holds above the 100 SMA ahead of an anticipated breakout to $35,000.
  • The IOMAP model suggests that the least resistance path is upwards while YFI is sitting on an immense support area.

Yearn.Finance is on the cusp of losing the most expensive cryptocurrency title after Bitcoin embarked on the adventurous journey to hit new all-time high after new all-time high. The decentralized finance (DeFi) token trades around $26,700 while Bitcoin appears to hold at $23,100.

Yearn. Finance on the brink of lifting off to $35,000

The 4-hour chart shows the formation of a symmetrical triangle pattern. The chart pattern is created by converging a couple of trendlines that link sequential peaks and troughs. Generally, the trendlines are supposed to cross at an approximately equal slope. The formation brings to light a period of consolidation ahead of either a breakout or a breakdown.

Realize that a breakdown occurs from the ascending trendline and identifies the beginning of a downtrend. On the other hand, a breakout happens at the descending trendline and signifies the start of a bullish trend. Symmetrical patterns tend to have precise price targets for the breakout or breakdown, mainly measured from the highest point to the pattern's lowest point.

YFI/USD 4-hour chart

YFI/USD 4-hour chart

If Yearn. Finance closes the day above the 100 Simple Moving Average; a breakout is likely to come into the picture, targeting $35,000 after a 27% spike.

IntoTheBlock's IOMAP model reveals that the path ahead of YFI is relatively smooth apart from the subtle resistance from $26,915 to $27,680. Here, 434 addresses had previously bought about 2,400 YFI. Trading above this zone is likely to boost Yearn.Finance to price levels above $30,000.

On the downside, YFI is sitting on an area with immense support, running from $24,575 to $25,340. Here, 362 addresses had previously purchased approximately 6,000 YFI.

Yearn.Finance IOMAP chart

Yearn.Finance IOMAP chart

It is worth mentioning that the bullish outlook to $35,000 will be invalidated if YFI slipped and closed the day under the 100 SMA. Moreover, a break under the triangle's ascending trendline might kick start massive declines, perhaps stretching to $18,000.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum 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