Stellar Lumens (XLM), the Graph (GRT), and Yearn Finance (YFI) Technical Analysis: What’s Next?
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Stellar Lumens (XLM), the Graph (GRT), and Yearn Finance (YFI) Technical Analysis: What’s Next?

April 23, 2021      Dalmas Ngetich

Stellar Lumens, the Graph, and Yearn Finance technical analysis shows a sea of red as XLM/USDT, GRT/USDT, and YFI/USD plunge below crucial support levels of $0.50, $1.30, and $40k, respectively.

The Graph

Blockchains are data-rich. Using The Graph, data analysts can extract, analyze, and visualize Ethereum and the IPFS gems. Its native currency is GRT.

Past Performance of GRT

The GRT token hasn’t been spared from the wrath of bears.

Presently, the GRT price is trading at $1.22, dropping 20 percent on the last day and trending inside a $0.46 zone.

GRT/USDT intraday resistance and support levels are at $.116 and $1.62.

Accompanying the decline are shrinking trading volumes that are down 42 percent to $382 million.

Days-Ahead and What to Expect

GRT/USDT prices have broken below key support levels with increasing trading volumes as aforementioned.

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From the daily chart, GRT prices are now within a bear breakout pattern.

GRT bars are banding along the lower BB with increasing trading volumes and trend definition, pointing to high bear momentum and volatility.

GRT/USDT Technical Analysis

GRT Price Daily Chart for Apr 23

DeFi is weighed down, and GRT is no exception.

GRT/USDT prices broke below $1.30, the Mar 2021 low and primary support. It coincided with the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

GRT prices may correct towards $0.80—Dec 2021 highs. This could be the next bear target if GRT technical analysis guides.

Yearn Finance (YFI)

The Yearn Finance system of various DeFi products ranging from vaults, trading to insurance all feed the YFI token. From Yearn Finance technical analysis, YFI is a correction from Apr 2021 highs.

Past Performance of YFI

YFI remains in a broader range, but bears are back in control.

Presently, the YFI price is trading at around $39.5k, losing 14 percent on the last day.

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Meanwhile, trading volumes are up 132 percent. It means traders are rushing in to exit their longs as bears seek to claw back gains of the past few months.

Days-Ahead and What to Expect

YFI/USDT losses reflect the current state of affairs in the crypto scene.

From the daily chart, YFI prices are within the $25k zone with support and resistance at $27k and $52k, respectively.

As of writing, YFI prices have closed comprehensively below the middle BB—a clean break confirming the double-bar reversal pattern of Apr 18 and 19.

Further confirmations and dips below $40k could trigger more losses.

YFI/USDT Technical Analysis

Yearn Finance Price Daily Chart for Apr 23

In the immediate term, the YFI will remain bearish.

The path of the least resistance is southwards. Accordingly, YFI/USDT traders may unload pullbacks, especially if YFI bears close below $40k.

In that case, the YFI price would likely crater towards $27k, the main support level marking Feb to Mar 2021 lows.

Stellar Lumens (XLM)

Remittance is a multi-billion industry. Stellar Lumens is positioning itself as a blockchain-based solution with extended functionalities. XLM is, at its core, serving as a native currency.

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Past Performance of XLM

The Stellar Lumens price is down 37 percent week-to-date, fluctuating widely within a $0.37 and $0.51 zone on the last day. There has been a surge of volumes in a panic sell-off, rising 70 percent to $1.8 billion on the previous day.

Days Ahead and What to Expect

The XLM price is trading at $0.40, plunging in a bear breakout pattern, reversing gains of March and April 2021.

From the daily chart, XLM/USD prices are below the middle BB in a sharp drop that might build a ground for further losses in the medium-term.

XLM/USD Technical Analysis

Stellar Lumens Price Daily Chart for Apr 23

The path of the least resistance is already defined, and bears are in control.

As visible in the daily chart, a close below $0.50 confirmed losses of Apr 18, setting in motion a wave of liquidation that might see XLM/USD fall back to $0.30 and $0.22, respectively.

A reversal above $0.50 and $0.55—the middle BB, nullifies the downtrend.

#DeFi #GRT/USDT #Stellar Lumens #The Graph #XLM #YFI/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.