YFI Technical Analysis: Price Below the First Fibonacci Pivot Support Level of $35,453.23
Crypto Guide
Live News

YFI Technical Analysis: Price Below the First Fibonacci Pivot Support Level of $35,453.23

June 12, 2021      Ankita Awasthi

Yearn.finance is a decentralized DeFi aggregator that allows users to maximize gains from yield farming. Users can earn 85% more in fee staking on a weekly basis. It charges 0.5% as withdrawal fees and 5% as gas fees. YFI is the governance token of this ecosystem and the technical analysis is as follows:

Past Performance

On Jun 5, 2021, YFI opened at $42,642.81. On Jun 11, 2021, YFI closed at $36,926.60. Thus, in the past week, the price has decreased by roughly 13%. In the last 24 hours, YFI has traded between $34,873.35-$37,021.37.

https://s3.tradingview.com/snapshots/v/vyG9zWaW.png

https://s3.tradingview.com/snapshots/v/vyG9zWaW.png

Day-Ahead and Tomorrow

Currently, YFI is trading at $35,208.64. The price has decreased from the day’s opening price of $36,926.60. Thus, the market seems bearish.

READ  Official Marvel NFTs will be Available on the VeVe Marketplace by 2022

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 38%. It faced rejection at 46% and fell to the current level. Hence, selling pressures are high for YFI. High offloading activity will push the price further down.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the YFI price.

In short, all three oscillators have given bearish signals.

YFI Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $35,453.23. It may soon fall below the subsequent support levels of $34,946.30 and $34,125.75, respectively.

READ  Blockpass Provides KYC Services for Trading Firm Blitz Network

The price has tested and fallen below the 23.6% FIB retracement level of $35,380.28. The price may soon test and fall below the 23.6% FIB extension level of $34,366.41 as well. Thus, as of now, the bears seem strong. In that case, the price may continue to fall tomorrow as well.

#Yearn.finance #YFI
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.