Highlights
The cryptocurrency market led by BTC is witnessing a pullback at the moment. However, selected Altcoins such as Yearn.Finance (YFI) is riding on the headwinds to trade higher. On May 11th, YFI rose to fresh all-time highs of $78,649, once again surpassing Bitcoin (BTC) price and all-time highs of $64,899. At the time of writing, YFI was trading at $78,062, up 32.97% in the last 24 hours and 48.07% weekly. YFI present market valuation stands at $2.76 billion with $2.5 billion in traded volume in the last 24 hours. Yearn.Finance launched the buyback and build a proposal in January which seeks to boost the project’s treasury and generate value for all stakeholders. The total value locked (TVL) in the YFI protocol has surged to a record $4.347 billion, as per the latest data from yearn.science. The YFI rally takes its bullish cues from the said factors.
Key Levels
Resistance Levels: $100,000, $90,000, $80,000
Support levels: $70,000, $60,000, $50,000
YFI/USD Daily ChartYFI regained traction after a brief pullback on May 9 and surged higher, while extending Monday’s bullish run to a new all-time high of $78,649 at the time of this post. The RSI is yet to confirm overbought conditions, Therefore, YFI bulls may not easily walk away in the near term. Above the $78,649 high the next focus for YFI bulls in the uncharted waters would be the $80,000 mark.
A violation of which would open the way for gains above the $85k mark and expose targets at the $90k and $100k mark. Should the bears take over, immediate support could arise from the $62,580 and $57,744 barrier ahead of the MA 50 at $45,110.Below this, The MA 200($32,401) could act as the next formidable support, deterring moves towards the yearly lows of $21,337.
YFI/USD 4-Hour ChartAfter choppy price action for most of April, YFI resumed the uptrend after a brief consolidation. YFI sustains its steady hike from May 10 into uncharted waters above $78,000. Maintaining the climb, traders’ primary focus could turn to the $80k barrier for initial resistance. Should YFI manage to nudge past this boundary, the price may then navigate for the $90k and $100k barrier.
On the contrary, a retreat in YFI price could find initial downside friction from the $70,000 barrier until the $57,240 low. Breaching this low, the moving average (MA 50) at $54,912 may step into the spotlight ahead of the moving average (MA 200) at $48,798. From here, a deeper decline could meet the support belt of the $40k level and may attempt to dismiss negative price tendencies. Overall, the YFI/USD pair remains in a bullish setup.
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