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Yearn. finance (YFI) remains in a steady climb for the third straight day after a bullish bounce off the MA 50 at $36,000.
*YFI is trading above the $40,000 level to settle above the daily MA 50
*The YFI/USD pair is facing a major resistance near $43,000
*YFI climbs on DAO Payroll System launch and renewed DeFi interest
YFI is trading above the $40,000 level to settle above the daily MA 50. During its consolidation, Yearn. finance retested the $35,240-$35,921 support area at the start of April before starting an upward climb. The current price action is positive, but the YFI/USD pair is facing a major resistance near $43,000. YFI confirmed resistance at this key level in early March. Therefore, an upside break above the $43,000 level is needed for more gains in the near term. On the contrary, dips remain supported at $36,000 near the MA 50.
Climbs on DAO Payroll System Launch, Renewed DeFi Interest
Yearn.finance Creator Andre Cronje recently unveiled Decentralized Autonomous Organization (DAO) Payroll System which doesn’t need an accounting or HR department to carry out the task. The YFI founder published details of a new product called Coordinape built for YFI DAO to autonomously allocate funds and reward contributors. Also, amid a renewed DeFi interest, the DeFi ecosystem breached $100 billion in total value locked for the first time in the early hours of April 6 as stated by DeFi ecosystem tracker, DeFiLlama.
YFI daily Chart: Ranging
Yearn.finance (YFI) is finding some footing on the daily MA 50 at $36,000, after a near one-month consolidation from the recently reached all-time highs of $52,425 in February. However, there is a descending trend line in place with resistance at $43,000 on the daily chart. Therefore, a proper break above the trendline and a close above $43,000 could open the doors for more gains towards $47,965 and the all-time highs at $52,425.
On the downside, initial support is near the MA 50 at $36,000 and the $30,000 psychological support on the ascending trend line. Despite the barrier on the approach to $43,000. The ascent seems to be unharmed as the short-term oscillators are conveying a pickup in positive momentum. The RSI is hovering just below the 70 thresholds.
YFI/USD 4-Hour Chart: Bullish
After a decline at April’s start, the YFI/USD pair formed a support base at $35,240 located at the convergence of the MA 50 and 200, and started a decent upward move. YFI traded as high as $42,936 before a slight pullback. The YFI/USD pair is currently consolidating gains past $41,000 while giving the upswing another chance. The buyers will now try to push the price above the $43,000 overhead resistance zone. If they succeed, it could open the doors for a rally to $48,416 and then $52,425.
However, the bears are unlikely to give up easily. They will once again try to stall the rally in the resistance zone. If that happens, the possibility of a breakdown towards the 4 -hour MA 50 at $37,269 increases. If there is a downside break below the MA 50, the YFI/USD pair could decline back towards the MA 200 at $35,630. Any further losses could lead YFI towards the $30,000 psychological level.
Resistance Levels: $52,425.92, $47,965.67, $42,936.11
Support Levels: $35,240.07, $30,000.00, $26,001.00
Image Credit: Tradingview
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