- The trading volume of Yearn Finance token in the at 24hr at the time of writing this article is +41%
- The price of YFI/BTC and YFI/ETH at the time of writing this article is 0.6453BTC and 9.8500ETH respectively
- The price has broken the 50 MA and RSI heading towards 70
LONG TERM VIEW:-
We can see that the price is above the 50MA which was a resistance once can now become a support if the bullish run continues. We can see the price is near the resistance, so let’s have a look at the technical indicator so that we can see if the price will break the resistance level or not. First we can have a look at the MACD which is showing a green histogram as the MACD line is above the Signal line and there is no sign that the lines will change direction anytime soon. In addition to that we can see the RSI is in the neutral zone near 60 and we can see that the RSI line is heading towards the overbought zone (70). Lastly we can have a look a the Moving average as the 20MA is below the 100MA and 50MA which is a bearish sign and 50MA is above the 100MA.
SHORT TERM VIEW:-
In the 4hr time interval we can see that the price is going up after the small bearish run but the MACD has started to change its direction as the MACD line is now pointing sideways and can cross the Signal line soon which is a bearish sign. Looking at the RSI we can see that the RSI is in the neutral zone near 62 and it is pointing sideways. In the end we can have a look at the Moving average, we can see the 20MA is acting as a support the bears are trying their best to push the price from there but failed to do so and 20MA, 50MA is above the 100MA which is a bullish sign.
Looking at the both long term and short term we can see the price can go up but it depends on how much gas does the bulls have left if they keep up the same pressure they might be able to break the resistance and make it a bullish trend or else the bear can get hold of the price and drive it down to the support and form there if the bulls is able to push the price back up then the trend can be bullish till resistance and if failed to do so the the bearish trend will continue.