- Yearn Finance has made a bullish engulfing pattern on the daily chart. In contrast it has seen a gain of 44%.
- YFI price is seeing an increase in volatility in the last few days. Meanwhile the YFI/BTC pair is also on a bull run with a gain of 35.94%
The rise in Defi has pushed the YFI price to new heights. The coin has seen a significant bullish momentum in the last few trading days. According to messari.io the NVT value of coin (PE ratio for crypto assets) has seen an increase and is currently at 8.12. It is approximately 4 times lower than its competitors like AAVE and Compound. It gives Yearn finance a potential to till $400,000 in a year or two. It has also seen an increase in volatility in the last seven days.
Yearn finance is currently ranked 54 with the market capitalization of $3,137,014,812. The volume of the coin has seen a gain of 207% in the last 24 hours. Volume to Market Capitalization ratio for the coin is 1.12 . This can push the YFI price to more heights.
Technical Indicators Hints YFI Price Ready To Reach $150,000
The weekly technical chart of YFI highlights a bullish momentum. On the daily chart Yearn finance is going higher and higher. The current price of the coin is at $85965, with a gain of 38% in the daily chart. Meanwhile, YFI/BTC pair is also on an uptrend. The 50 and 100 Daily Moving Average is below the current price. The 50MA price is at $46510, acting as a support for the coin. The price can face resistance on the upside at $100,000.
Meanwhile a bounceback can be seen from $60,000 On the downside a bounce back can be seen from $55000. If the price breaks above the $100,000 mark then a rally till $150,000 can be seen. YFI/BTC can also see an uptrend in the upcoming days.
RSI(Neutral): It is trailing at 81.43, showcasing its presence in the overbought zone. There is zero slope formation in the RSI, which hints a consolidated momentum for the price. The overall sentiment of the RSI is neutral.
Conclusion
YFI price has been in a continuous rally from the last few days. Yearn finance can see more increase in its TVL value. An investor should do their due diligence before investing.
Technical Levels
Major Support:$60,000
Major Resistance:$100,000