{"id":438903,"date":"2020-09-18T20:00:39","date_gmt":"2020-09-18T20:00:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=438903"},"modified":"2020-09-18T18:48:51","modified_gmt":"2020-09-18T18:48:51","slug":"yearn-finance-yfi-flies-15-percent-from-local-price-floor-fractal-targets-60k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/yearn-finance-yfi-flies-15-percent-from-local-price-floor-fractal-targets-60k\/","title":{"rendered":"Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+"},"content":{"rendered":"
Yearn.Finance continues to defy all other DeFi tokens<\/a> and gravity itself with its unstoppable rise to stardom.<\/p>\n The crypto token has bounced over 15% from its local bottom, but a fractal playing out could send YFI flying high to another new record.<\/p>\n In technical analysis, there isn’t much more significant than a support and resistance flip<\/a>.<\/p>\n When price action passes through support and confirms it as resistance, it is a sign that the range is in the past, and the market wants to test new prices. The same is true in reverse, just like in the example below taken from a 4-hour Yearn.Finance price chart<\/a>.<\/p>\n The ultra-rare DeFi token with a supply of just 30,000 is now far more expensive than Bitcoin, and its sent the crypto market into a tailspin.<\/p>\n <\/p>\n After a pullback, and follow up rally thanks to a listing on Coinbase<\/a>, Yearn.Finance is back retesting the resistance level it punched through on the way back on up.<\/p>\n Related Reading | YFI Reclaims Support Post Coinbase Listing, New All-Time Highs In Sight<\/a><\/strong><\/em><\/p>\n If confirmed, another similar height rise could be next. And a fractal playing out makes a rally all the more likely.<\/p>\n In addition to the DeFi token holding support, Yearn.Finance is also showing similar signs as the last time support was reclaimed<\/a>.<\/p>\n A failed reversal signal took prices lower on the 4-hour chart, followed by four bullish engulfing<\/a> candles, showing signs of bulls trying to regain control.<\/p>\n <\/p>\n Eventually, they did, and YFI went flying high once again. The move up coincided with a break of downtrend resistance, and the sort of pattern is playing out once again.<\/p>\n Superimposing the previous rally<\/a> over the same breakout would take Yearn.Finance to a peak price of $66,000 or more.<\/p>\n Further giving credence to a potentially bullish outcome, is a crossover to the upside nearing completion on the MACD indicator.<\/p>\n The MACD<\/a> is a momentum measuring tool, and if the last time the indicator crossed bullish is a sign of what’s to come, another big rally in YFI is coming any day now.<\/p>\n Related Reading | DeFi Darlings Chainlink, Binance Coin, Yearn.Finance Plunge Over 10%<\/a><\/em><\/strong><\/p>\n A recovery in YFI, could also help lift the rest of the falling crypto space including other DeFi darlings<\/a> like Chainlink, Binance Coin, and others.<\/p>\n What little bullish momentum is helping to prop up these few coins, could be partially due to another DeFi token causing a stir in the crypto space. Uniswap recently debuted their UNI token, distributing it to early users for what is essentially the crypto version of a stimulus check.<\/p>\nYearn.Finance Flips Support As Resistance, Readies Another Rally<\/h2>\n
YFIUSD 4H Support and Resistance Flip | Source: TradingView<\/a><\/pre>\n
YFI Could Target New All-Time High If Fractal Follows And MACD Crossover Completes<\/h2>\n
YFIUSD 4H Support and Resistance Flip | Source: TradingView<\/a><\/pre>\n