Crypto Technical Analysis

Yearn Finance(YFI)/USDT Technical Analysis: 18 January 2022

Yearn Finance Price Prediction

The Yearn Finance price since its inception had a monstrous rally not only once but multiple times. It is the only asset that ranged high to hit levels close to $100K. Moreover, the 2020 DeFi craze was ignited with the gigantic rally of the YFI. However, the May 2021 crash left a deep impact on the asset which plunged hard below $20K. Yet building notable bullish momentum, the DeFi token rebounded well but failed to surpass the crucial levels around $40K.

Currently, the asset is showcasing some healthy consolidation and hence a notable rebound slicing through the $40K resistance levels may be fast approaching. But will the asset be the first one to hit $100K, much before Bitcoin? Let’s check it out.

Yearn Finance(YFI)/USDT Technical Analysis at a Glance

Yearn Finance is trending within $40,000 levels ever since the asset plunged heavily. Moreover, the short-term flip during the mid of Q4 2021 where many assets gained a notable bullish momentum, YFI price remained away from the crowd and maintained its narrow trend. As the asset plunged below $20000 levels, it quickly flipped and is currently hovering along with $40,000 levels. Currently hovering within a descending trend, it would be interesting to watch the next phase of the YFI price rally.

Short-Term The short-term forecast is pretty bearish as the price is constantly forming lower highs and lows within a descending channel
Mid-Term The YFI price is following a clear depleting trend and may reach the lower support at $28,000 yet again in the next few hours
Long-Term On the contrary, the long term forecast is somewhat bullish as the price has maintained the new elevated support levels at $30K. If the price maintains above these levels, the probability of a downtrend may be reduced

Additional Read: Top Crypto News 18 Jan, 2022 

Yearn Finance(YFI)/USDT Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value (1Hr / 1D) Action (1Hr / 1D)
StochasticRSI(StochRSI)(!4) 53.5 / 0.0 Neutral / Oversold
Williams Percentage Range -2.968 / -21.71 Overbought / Buy
Average True Range (ATR) (14) 368.4 / 3121.64 Less Volatility / Less Volatility
Bull-Bear Power(13) -191.8 / -1989.4 Sell / Sell

Pivot Levels

Pivot Level Short-Term  Long-Term
Moving Average(MA)-50 $32,628.8 $29,919.9
Moving Average(MA)-200 $32,598.5 $32,688
Resistance $34,099 $41,829
Support  $28,717 $27,530

Summary

Yearn Finance is manifesting an extreme bearish trend at the press time, with the target levels cemented to the bottoms. StochRSI in the short-term is neutral indicating the price could undertake either an uptrend or downtrend, while in the long term it is hovering along with the oversold levels, intending to flip soon. While the William % Range which shows the capacity of the bulls and bears to close price each day near the edge, is overbought in short-term, meaning a short-term drop may be expected. 

Average True Range(ATR) that records the market sentiments points out the drop in the volatility in the short-term & long-term. On the contrary, the bull-bear power indicates the strength of the bears in the short-term and long-term.

Coming to the Pivot levels, the price is aiming at the 50-day & 200-day MA resistance levels in the short-term, while the support levels are a little distinct. While the strong resistance is just a step away at $34K and a minor boost may uplift the price above these levels certifying with a decent uptrend. However, considering the present trend, the price is experiencing a short-term squeeze that may drag the price below $30K for the short term.

Yearn Finance(YFI)/USDT Technical Analysis for the Week

Yearn Finance has been struggling to range above $35,000 for a pretty long time as it is facing a huge rejection at these levels each time. The price drowns more than 10% each time it hits the $35K levels. However, the asset had gained notable momentum as the past weekend headed close and consolidated well. Yet the current week began with the price trend visiting lower levels and now $30K support levels may be at stake.

Source: Tradingview Date: 18-01-2022 Time:3:20pm

  • The price after plunging below $20,000 jumped suddenly to hit the levels pretty close to $40,000.
  • However, currently in the larger time frame, the asset is trending within a bull flag pattern with the apex still at some distance
  • Currently, the price is testing the lower levels but is expected to flip and continue consolidating within the flag and reach the apex
  • After reaching the apex the asset may require a diversion on any of the sides which may be decided with the volume dominated over the platform.

Yearn Finance(YFI)/USDT Technical Analysis for Today: 17 January 2022

The YFI price is plunging very hard, since the beginning of the previous trading day and once began dropping from $34K levels to as low as the current levels around $31K. As the selling volume gears up, the possibilities of the asset visiting immediate support levels just below $30K appear pretty high. Moreover, the descending trend may continue until the support levels are met or the market trend flips and jumps out of the bearish divergence.

The Yearn. Finance (YFI) price at the press time is $31,259 with a drop of more than $1000 that comes to nearly 4%. While the day’s range is around $30,842 and $32,482, daily close around these levels or around these levels may certify a decent uptrend ahead. 

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Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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