yearn.finance (YFI) Accumulates a 1.70% Price Increase

As of today, the YFI/USD market has recorded a price increase of 1.70%. This has caused price action in this market to retrace upwards from around $8,100 to $8,374. Also, trading indicators are hinting that more increases may be witnessed in this market, even as trading continues.

yearn.finance Analysis Data
yearn.finance Value Now: $8,374
YFI Protocol Market Cap: $276,625,075
YFI Moving Supply: 32,969.29
yearn.finance Total Supply: 36,647.71
yearn.finance CoinMarketCap Ranking: 128

Major Price Levels:
Top: $8,374, $8,400, and $8,450
Base: $8,324, $8,280, and $8,214

yearn.finance (YFI) Price Action Smoothly Bounces Off Support Level

yearn.finance price activity has started retracing upwards, after testing support at the $8,103 price mark. Furthermore, there are indications that traders may witness more moves as another bullish candle appears following this bounce. Meanwhile, an upside crossover has been achieved on the Relative Strength Index (RSI) indicator. At the same time, the Moving Average Convergence Divergence indicator (MACD) is hinting at the fact that downward forces are growing weaker. The last bar on this indicator is now pale red in appearance, and this suggests that downward forces are growing weaker. Consequently, this may lead to more upside retracements.

yearn.finance (YFI) Eyes Breaking Resistance at $8,500

Coming to the YFI/USD 4-hour market, we can see that it is gradually advancing toward the $8,400 mark. The last price candle here indicated that moderate buying is currently ongoing in this market. Observing trading indicators, it appears as if more upside movement is on the way. The RSI indicator lines have risen into the overbought region. The distance between the two lines portrays the magnitude of buying pressure. Additionally, the MACD indicator curves have also started to steadily show that bulls are still active, although with less vigor, judging by the size of the histogram bars. Therefore, traders can expect yearn.finance price action to at least attain the $8,500 price level.

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