NewsPrice Analysis

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

Author: Sohrab Khawas

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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.

    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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