•YFI/USD is currently priced at $20,005.61 and has decreased by 3.89% over the last day
•The trading volumes have decreased by 33.20% over the past day
•The technical indicators suggest bullish momentum is still at large in the market
Short Term View: Bulls on high alert as YFI prices tumble
The yearn.finance price today is $20,005.61 USD with a 24-hour trading volume of $98,263,258 USD. Yearn.finance is down 3.89% in the last 24 hours. The trading volumes have reduced dramatically over the past day, suggesting increased profit-taking has taken place at the current price level which has warded off the bulls. The Volume to Market Cap Ratio, on the other hand, stands at 0.1341.
The golden run of May 2021 saw YFI reach its all-time high of a scarcely believable $93,435.53, but a series of corrections since then has wiped off a significant amount of its value. However, the coin is currently in the middle of an uptrend, with considerable gains seen in the coin over the past week. The bears, however, have resurfaced and are actively trying to take over. They have been successful to an extent, with the altcoin currently trading below the 20 and 50 SMA. The underlying bullishness in the coin could, however, come to the fore and prevent the bears from breaking through the crucial $19,900 support level. If the bulls make a comeback, they would encounter resistance at $20,055.
Long Term View
The technical indicators for Yearn Finance token paint a bearish picture, with the RSI standing at 41.31. This may be bad news for bulls, however, as with prices now clearly moving towards the overbought region, whilst trading at resistance, bears are likely to be nearby. The MACD indicator, on the other hand, suggests that the market sentiment is still bullish for the coin, with histograms stable in the positive zone. However, bulls need to be careful as the gap between the MACD and the signal line is reducing, and could signal the start of a bearish trend once a bearish crossover occurs.
Conclusion
Yearn Finance token (YFI) started off the year on a bright note but the upward move proved to be only a deviation and has been followed by a sharp downward move in the past month. As long as YFI is trading inside this channel, the short-term movement can be considered bearish, increasing the likelihood of the prices continuing to take a beating.
Support: $19,900- $19,850
Resistance: $20,055
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.