If the upward movement continues, the main resistance area would be at $18,300, created by the 0.382 Fib retracement resistance level and a previous support area, which is now likely to provide resistance.YFI/USDT Chart By TradingView Wave count analysisSince the June 18 bottom, YFI had been trading inside an ascending parallel channel.
This was also combined with an RSI breakout above 50, further increasing its legitimacy. If correct, this would mean that YFI has now begun a bullish trend. Breakouts from such long-term structures usually mean that the previous trend has come to an end. Additionally, it has broken out from a descending resistance line that had previously been in place since the beginning of the year. A reclaim of this support line along with a decisive RSI breakout above 50 would be required in order for the trend to be considered bullish.YFI/USDT Chart By TradingView YFI breaks outCryptocurrency trader tweeted a chart of YFI, stating that the price could soon break out above $7,000.Source: Twitter Since the tweet, the price has decisively broken out above this level. Currently, YFI is facing resistance (red icon) from the support line of the wedge. The indicator has been increasing since, but has yet to break out from its descending trend line (green) and is still below 50. During this period, the weekly RSI fell to a new all-time low inside oversold territory. The breakdown led to a low of $4,018, which was only slightly above the $3,000 all-time low price. As a result, a breakout seemed to be the most likely scenario.However, this was not the case, since the price broke down from the wedge in May.
The downward movement was initially contained inside a descending wedge, which is considered a bullish pattern. The long-term trend seems to be bullish.YFI has been decreasing since reaching an all-time high price of $95,000 in May 2021. Yearn.Finance (YFI) is retracing after a sharp upward movement that caused a 125% increase in five days.
0 kommentar(er)
