Back

Yearn.finance (YFI) Price Analysis for 9/13

Can traders expect another run of yearn.finance (YFI) to $40,000 before a more profound correction?

article image
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

A bullish mood remains on the cryptocurrency market as all Top 10 coins remain in the green zone. The biggest gainer is Polkadot (DOT), whose rate has risen by 13.72% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The cryptocurrency market capitalization keeps rising; the index has grown by $7 bln since yesterday and is now at $345 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant yearn.finance data looks the following way today:

Ads
Ads

  • Name: yearn.finance

  • Ticker: YFI

  • Market Cap: $1,135,589,102

  • Price: $37,894.10

  • Volume (24h): $800,312,264

  • Change (24h): -0.16%

The data is relevant at press time.

YFI/USD: Has the expected correction started yet?

Yearn.finance (YFI) remains the most expensive cryptocurrency at the moment. Even though the rate of the DeFi token is unchanged since yesterday, the price has risen +53% over the last week.

YFI/USD chart by TradingView
YFI/USD chart by TradingView

On the hourly chart, yearn.finance (YFI) has entered the correction phase. However, it is too early to consider that a trend change has taken place. The selling volume is increasing, and there is not almost no liquidity at the current level, which means that bears may push the price of the coin to the nearest support at $34,000.

YFI/USD chart by TradingView
YFI/USD chart by TradingView

On the 4H time frame, the situation is also bearish. Buyers are running out of effort to keep the rate of the coin above $44,000. What's more, we may see the formation of the triangle pattern, which may bring the price to the crucial support of $30,000.

👉 MUST READ LINK, DOT and YFI Price Analysis for September 11related article image

Thus, the RSI indicator has formed a bearish divergence which strengthens the position of sellers.

YFI/USD chart by TradingView
YFI/USD chart by TradingView

The daily chart is also considering a correction as the asset is already overbought. The lines of the MACD indicator are about to enter the red zone, which will confirm bears' presence. If that occurs, traders may expect yearn.finance (YFI) trading at around $23,000-$25,000 shortly.

YFI is trading at $37,074 at press time.

 

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

article writer image
Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com