Bulls went long to Push YFI price more than 10%
Yearn finance crashed along with the major crypto assets during the launch of ETH 2.0 Beacon chain. The YFI price declined from more than $28,365 to straight below $24,460 within hours. However, it managed to surge above $26K for the daily close.
The YFI bulls rallied the price to more than $5000 in the past 24 hours. But the bears jumped into action but could not pull back the defi token to a large extent. At present YFI is attempting to sustain above $30K to keep the healthy steek of surging towards new highs.
The YFI price is trending within the ascending triangle and hence to maintain the uptrend, the breakout upwards is the need of the hour.
YFI Price Analysis
As mentioned the token price needs to break the triangle and head towards the resistance at $31,600 initially. Later the next resistance levels formed at its all-time high levels at $43,000, which would be the hit target.
The price at the time of composition is $29,605 with a gain of 5.32 percent in the last 24 hours. Therefore the most important movements YFI needs to follow in order to continue the bull run are,
- Break the resistance formed above $31,000
- YFI bulls required to again push the price above $30K and maintain it above $30K
- The bearish divergence below $28,000 needs to be avoided
- The strong positive market sentiments need to grow more in order to hit the specified target.
Collectively, YFI currently appears to have the same momentum it possessed during its inception. As it surged in double numbers almost every day earlier till it attained its all-time high, the same market grip needs to be showcased yet again to surpass the current ATH.