Credit: Original article published by Coingape.

Yearn Finance

  • freefalls to $21,455 after support at $28,000 failed to hold.
  • YFI turns bullish bringing into the picture the impact of a double-bottom pattern. is bleeding, just like many other cryptocurrencies in the market on Tuesday. A bearish wave on Monday swept across the market, further increasing the sell signals that have continued to linger in the last couple of weeks. Note that YFI traded all-time highs of $44,000 before embarking on a gains-trimming exercise. There have been multiple attempts to keep the DeFi token above $30,000 but selling pressure was just too great for the bulls to bear.

The most expensive cryptoasset hit below other tentative support areas including $28,000 and $24,000. The last blow on Monday extended the bearish leg toward $20,000 but a weekly low was traded at $21,455.

YFI/USD 4-hour chart

YFI/USD price chart
YFI/USD price chart by Tradingview

At the time of writing, YFI has resumed the uptrend and is trading above $24,000. The gains come following the impact of a double bottom pattern. This pattern is used in technical analysis to identify strong demand zones where a reversal is likely to begin following an extended breakdown. Double-bottom patterns tend to provide an estimated target to the upside.

In this case, is likely to rally above $30,000 and even draw closer to the critical $40,000 level. Its bullish case is supported by the Relative Strength Index (RSI) as it recovers above the oversold.

In addition, IntoTheBlock IOMAP shows that the path to the north is relatively smooth but a strong resistance should be expected at $27,169 – $27,893. On the flip side, support is not strong enough, hence the chances of YFI retuning to $20,000 remain high. Therefore, buyers must work the bullish case through to avoid a devastating slide to levels around $20,000.

IntoTheBlock IOMAP chart

YFI IOMAP by IntoTheBlock Intraday Levels

Spot rate: $24,715

Relative change: 770

Percentage change: 3.30%

Trend: Bullish

Volatility: Expanding

Read more: On Steroinds? Surpasses Bitcoin $20,000 All-time High to Hit $38,983

The post Price Prediction: YFI Has A Clear Path To $40,000 appeared first on Coingape.

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