- YFI coin price falls lower to the support level of the prolonged consolidation range in the 4-hour timeframe.
- The YFI/BTC pair was trading at 0.5164 BTC with a gain of 0.76%
- The 24hr trading volume in the YFI coin is $185 Million, with a decrease of 25%.
The YFI coin price action falls to the support level of the long consolidation range in the 4-hour chart as the price faces rejection near the $35500 mark. The consolidation range is between $32250 and $36800. The fallout of this range can start a bearish trend for the Yearn Finance.
According to the EMA’s, YFI coins show a definite bearish trend as the price is trading below the 50, 100, and 200 EMA.’. The coin chart also indicates that the 50 and 200 EMA have given a bearish crossover which could help attract more sellers to the coin market.
Will YFI Coin Price Rise Give A Bearish Breakout?
At press time, the YFI coin price trades at $32771, with a fall of 3.06% in the past 24 hours. Furthermore, the intraday trading volume of the coin has lost 25% in the past day.
The RSI indicator reflects a gradually rising underlying bearishness as the slope falls below the 50% level. The slope descends lower to the oversold zone with no divergence visible in the 4-hour timeframe. Hence, the RSI forecasts a bearish breakout.
The Moving average convergence divergence (MACD) indicator (Bearish) shows that both the MACD line and signal lines are moving below the neutral zone (0.00). Furthermore, the lines recently gave a bearish crossover. Hence, the indicator indicates rising bearish momentum in the YFI coin.
Conclusion: From the technical perspective, the overall trend of the YFI coin is bearish, and a breakout of the consolidation range will reveal an excellent selling opportunity for YFI traders.
Support– $22900 and $25550
Resistance– $38950 and $42350