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Chainlink (LINK ) and Yearn Finance (YFI) Price Surge in Bitcoin’s Shadow

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At press time, the cryptocurrency market seems to be extremely bullish with Bitcoin price reaching new ATH. The king coin is up by 15% trading at $22,574.52.

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Altcoins and Defi tokens are not left behind, the second-largest cryptocurrency Ethereum has surged more than 10% with ETH price trading at $660.64. Even XRP price overcame the potential losses with over 25% gains.

However, LINK and YFI seems to have major gains among the top 10 defi market.

chainlink price

According to the 4-HR chart, Chainlink price seems to be rebounding from the December low of $11.42. 

Chainlink price today is $13.97 USD with a 24-hour trading volume of $1,749,240,297 USD. Chainlink is up 10.54% in the last 24 hours. The current CoinMarketCap ranking is #7, with a market cap of $5,540,963,746 USD. 

The price has also moved above the short and medium-term moving averages while the RSI has continued to rise. If the ascending trend line continues to provide support, LINK could push further toward the $14 resistance level. The following targets would be $16 and 17.34.

The current positive movement is sustained by the $11.2 support level. If it fails, the next closest supports lie at $9.6 and $7.29 below the crucial ascending line.

Therefore, if the bullish phase sustains, there’s a possibility that LINK price will continue rising to the December high of $14.91.

Yearn Finance (YFI) Price Analysis 

YFI Price trading view

As per the 12-hour chart, yearn.finance established a strong uptrend support trendline following the bitcoin bull rally. 

At press time, YFI price surged to $26,831.81 with a 24-hour trading volume of $688,287,458 USD. yearn.finance is up 7.85% in the last 24 hours. The current CoinMarketCap ranking is #36, with a market cap of $804,096,670 USD.

On the 12-hour chart, YFI price has established a bullish divergence with the RSI, forming higher lows while the technical indicator has formed lower lows.

Additionally, YFI bulls defended the support trendline at $24,200 and the price is currently rebounding aiming for a potential price target of $32,000. Overall, it is quite clear that the digital asset seems poised for a massive breakout towards $32,000 after holding a crucial support level.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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