Yearn.finance (YFI) Price Increases by 6.35% as Bulls Push Towards $9,000

In the previous trading session, Yearn.finance (YFI) found support above the $7,575 price mark. Subsequently, this crypto has capitalized on that level, using it as a base to reach even higher and toward the $9,000 price level. Will price action in this market break the $9,000 resistance? Let’s check it out!

Yearn.finance Analysis Data:
YFI value now: $8,427
YFI market cap: $296,591,284
Yearn. finance moving supply: 36,637.72
Yearn.finance Supply: 36.666
YFI Coinmarketcap ranking: #132

Major Price Levels:
Top: $8,427, $8,700 $9,000
Base: $8,200, $8,000, $7,700

Yearn.finance (YFI) Price Action Extends Its Upside Move Towards the $9,000 Mark

Price activity in the YFI/USD market is now occurring above the 61.80 Fibonacci Retracement level. Also, this market is still showing signs of recording more upside gains. The price candle that represents the ongoing session on the daily chart remains bullish in appearance. Meanwhile, the MACD indicator lines are now rising sharply upward and above the equilibrium level of 0.00. At the same time, the histogram bars of this indicator can be seen growing green and taller, to indicate a significant gain in upside momentum. Additionally, the lines of the RSI indicator seem to have been rising toward the overbought zone, which portrays that bulls have been consistent in this market. Consequently, these bolster hopes of additional price increases in this market.

Yearn.finance (YFI) Price Action Slows at the $8,427 Level but Retains Bullish Characteristics

On the 4-hour market, it appears that the YFI/USD price action is slowing down a bit. However, this behavior of price action still aligns with the rules of operation of the applied Bollinger Band Indicator. A minor downward deflection can be noticed through the appearance of a red price candle in this session. Yet, the current price level remains above the uppermost level of the Bollinger Bands. Also, the MACD and the RSI indicator lines maintain their upward trajectory. Even the histogram bars of the MACD indicator is still vivid green in appearance. Consequently, this indicates that the Yearn.finance price action may eventually reach the $9,000 mark.

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