The cryptocurrency market enjoys the recovery following the volatile period caused by the US presidential election. After a minor downside correction, Bitcoin price started a fresh increase and climbed above the USD 15,000 resistance. The BTC price even reached 15,550 resistance, but it is currently struggling to clear the USD 15,550 and USD 15,600 resistance levels.
In the past few hours, many altcoins gained more than 5%, including RUNE, AAVE, EWT, LINK, STX, BAND,UNI, SNX and more.
However, Yearn.finance’s YFI Price has been subjected to major fluctuation for the past few days, with its price plunging to lows of $7,500. Within hours of tapping these lows, a sudden influx of buy-side pressure sent it rocketing to highs of $18,000, marking a well-over 100% rally from its daily lows.
Factors that can Fuel Yearn finance Price
One crypto-focused economist is now pointing to three trends working in Yearn.finance’s favor, noting that they all indicate upside is imminent.
He claims this week a “risk-on week,”. Addtionally he pointed out that BTC will be trading with risk while altcoins trader like high betas compared to the benchmark cryptocurrency.
on the other hand, according to Santiment’s transaction tracker, a YFI whale transferred over 2,500 million YFI tokens (about $13.8 million) to a new cryptocurrency exchange address.
Considering these factors YFI price may again cross Bitcoin price this week.
YFI Price Analysis
At the time of writing, Yearn.finance’s YFI token is trading up 3% at its current price of $14,337.22. This marks a notable rebound from daily lows of under $13,000. These lows were set shortly after it rallied to highs of $18,000.
According to coinmarketcap, Yearn finance token is currently ranking at 40th position with a $433,398,013 market-cap value and $510,982,858 trading volume.
YFI/USD is likely to stay above $14K and resume the bullish trend after a short-lived correction, with the first significant barrier created by $15,500. Once it clears the way, the bullish momentum may start snowballing.
On the other hand, a failure to clear this barrier will result in an extended downside correction with the initial aim at $14,000-$13,600, followed by $12,700.
Bitcoin Price Analysis
Bitcoin price is trading in a positive zone above the USD 15,350 and USD 15,200 levels. Having said that, BTC might start another corrective decrease if it continues to struggle near USD 15,550 and USD 15,600.
At present the king coin is trading at $15,234.18 with 1% gains.
According to Technical indicators :
- Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level.
- Major Support Levels – $15,200, followed by $15,000.
- Major Resistance Levels – $15,600, $15,800 and $16,000.