YFI token may plunge below $20,000 if it does not hold at $24,000
After dipping to the lowest levels, YFI price is expected to rebound to the highest levels.
YFI Price May Form New ATH on Breaking These Levels
One of the most popular DeFi tokens YFI which had made headlines since its inception is expected to plunge to $18,000 levels. The YFI price is expected to drop to the levels if it fails to sustain at $24,000 or $22,000 levels as predicted by one of the analysts
The analyst has presented two possible scenarios, either the YFI price may plunge to $20K-$22K and pump back else it may plunge to $18k to $19K and rebound to the highest levels.
Considering the worst scenario, if YFI price gets rejected in both the levels, a much deeper retrace may be incoming. Additionally, the analyst has also said that if the token breaks above the resistance levels at $34K, then it may form a new all-time high.
YFI Price Analysis
At the time of writing the defi token has experienced a series of plunges from more than 4-5 hours. The price which had surged above $30K, dropped drastically to below $27,500 within a very small time frame.
The price at the time of composition stands at $27,709 with a loss of 6.63 percent. The RSI indicator also is dumping below 30 levels indicating a bearish trend. The strong support levels at $28,759 were broken and if the downtrend continues, the price may be on its way to retest the support levels at $24,000.
However, the resistance levels still lie at $30K and later at $31K. On the successful rally above the resistance levels, the price may surpass the current ATH at $43,000 to form new highs.