Where yearn.finance (YFI) Crypto Coin Is Headed After The Breakout! | 3rd July, 2024
Introduction
Hey friends, I hope you're well. Welcome to the latest update on the YFI token. In my earlier videos, I discussed how YFI had recently formed another falling wedge pattern, which is considered a bullish pattern. I suggested that there was a probability of a bounce from the support of this wedge and a potential breakout of the resistance. Today, we'll analyze the recent movements and patterns of YFI.
Falling Wedge and Down Channels
Looking at the live chart, YFI first broke out of a descending channel on the 7-day timeframe. Before this breakout, it also formed a smaller down channel. After breaking out of the smaller channel, YFI got stuck inside the larger pattern before experiencing a significant pump. Recently, it has broken out of another falling wedge pattern while simultaneously moving within a large ascending triangle.
Technical Targets and Resistance Levels
Previously, YFI broke out of various patterns, including a larger down channel and a smaller one. After these breakouts, the technical targets were set at the top of these channels, which was around $11,240. YFI reached and even spiked beyond this target but could not break the long-term resistance at $1,240, which is also the resistance of the big ascending triangle.
Recent Developments
Recently, YFI formed a falling wedge pattern and broke out of this pattern as well. The target for this breakout is approximately $11240, where we have the resistance of the big ascending triangle. If YFI breaks out of this ascending triangle, the target will be around $31,800. The long-term technical target for the breakout from the long-term down channel remains between $95,000 to $100,000.
Conclusion
This was the latest update on YFI. I hope you found the analysis helpful. If you did, please hit the like button and subscribe to the channel. For more trading signals, consider supporting me as a YouTube or Patreon member. Thank you, and take care!
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