coinpedia.org
The cryptocurrency market enjoys a recovery following the volatile period caused by the US presidential election. After a minor downside correction, Bitcoin price started a fresh increase and climbed above the USD 36,000 resistance.
In the past few hours, many altcoins gained more than 5%, including RUNE, AAVE, EWT, LINK, STX, BAND,UNI, SNX and more.
However, Yearn. finance’s YFI Price has been subjected to major fluctuation for the past few days, with its price plunging to $24K. Within hours of tapping these lows, a sudden influx of buy-side pressure sent it rocketing to highs of $30K, marking a well-over 22% rally from its daily lows.
Factors that can Fuel Yearn finance Price
One crypto-focused economist is now pointing to three trends working in Yearn.finance’s favor, noting that they all indicate upside is imminent.
Logic is simple.
— Alex (@classicmacro) November 8, 2020
#1 risk-on week
#2 btc to trade with risk
#3 alts to trade like high betas vs btc
If that holds true we go up strong next week.$YFI is spot and has no stops. Size accordingly.
Chart is for the bitcoin futures basis.
He claims this week a “risk-on week,”. Addtionally he pointed out that BTC will be trading with risk while altcoins trader like high betas compared to the benchmark cryptocurrency.
on the other hand, according to Santiment’s transaction tracker, a YFI whale transferred over 2,500 million YFI tokens (about $13.8 million) to a new cryptocurrency exchange address.
🐳👉🆕 We've just tracked #yearnfinance's 4th largest transaction of all-time, and highest sum since late August. 2,546.23 $YFI tokens were transferred as a centralized exchange deposit, worth a total of $13.8M from a whale address to new exchange address. https://t.co/rshjIJ8HWu pic.twitter.com/Z9sMWxaFPV
— Santiment (@santimentfeed) November 8, 2020
Considering these factors YFI price may again cross Bitcoin price this week.
YFI Price Analysis
yearn.finance price today is $29,951.25 USD with a 24-hour trading volume of $648,527,581 USD. YFI is up 27.54% in the last 24 hours. The current CoinMarketCap ranking is #40, with a market cap of $897,602,814 USD.
YFI has established a long-term descending wedge pattern and it’s close to a breakout above the resistance level at $24,700. Cracking this resistance point can quickly push YFI price towards $31,000.
Bitcoin Price Analysis
The incredible ride that has been the price of bitcoin this year hit back-to-back milestones Wednesday as the leading cryptocurrency broke past $36,000 for the first time ever and hit $37,000.
A clear break above the $37,400 level will most likely open the doors for a larger increase. In the stated case, the price could even jump towards the $38,500 and $39,800 levels in the coming sessions.
According to Technical indicators :
- Hourly MACD – The MACD is losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.
- Major Support Levels – $36,600, followed by $35,800.
- Major Resistance Levels – $37,400, $38,500 and $39,800.