YFI posts bullish 3-day close as the price saw some turbulence over the past few weeks following the strong rally to the all-time high of over $40,000. The governance token for the yearn ecosystem was consolidating ever since as both buyers and sellers were unable to spark any sustained trend as we are about to see in the latest altcoin news.
This could be due to YFI being viewed and traded as an index bet for the Defi sector which has been having a hard time with the growth over the past few weeks. The token’s bout of sideways trading could continue until the aggregated market starts moving higher. With all that said, from a technical perspective, the yearn governance token was shaping up nicely.
One analyst noted that YFI posts a bullish 3-day close which opened the gates for more parabolic upsides in the days ahead. At the time of writing, Yearn.finance’s governance is trading down marginally with a price of $31,800. This marks a notable upswing from the daily lows of less than $29,000 which were set during the massive selloff overnight which came about after the price hit peaks of $34,000. The decline occurred along with the one of Bitcoin and Ethereum but the intensity of the recovery seems to indicate that the bulls are underpinned by serious strength.
The $34,000 level could continue acting as a strong resistance level in the future so if the bulls are able to surmount this price level, they could be able to push the price up to the all-time high of over $40,000. The strong bedrock support to watch out for is set at $20,000 and as long as the level continues on, there’s a chance of more upsides in the near-term. One trader explained that Yearn.finance’s previous close was bullish and indicates another push higher in the near-term:
“Monster 3d close on yfi about to form… if any relatively well known alts are going to make a new all time high yfi will be the first, strongest fundamentals in the entire space and thats just facts.”
If YFI goes on higher in the upcoming few days, it could allow this week to be a strong one for the entire Defi sectors as it could lead other tokens to go higher.
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