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Yearn Finance and Synthetix traders are confident, but buyers are slowing down. Immediate support for SNX and YFI prices are at $9 and $30k, respectively.
Yearn Finance (YFI)
The yearn.finance is an automated DeFi yield aggregator using YFI for governance.
Past Performance of YFI
The Yearn Finance crypto is tracking lower at the time of writing.
Down two percent on the last trading day, sellers have the upper hand as the YFI token oscillates inside a wedge.
Day-Ahead and What to Expect
From the YFI technical analysis of the daily chart, cracks are beginning to emerge.
However, the uptrend is still valid as long as prices are inside the ascending wedge.
A close above $40k may be the impetus for $52k in a trend definition.
Meanwhile, YFI crypto would be under pressure if prices crash below the primary support trend line.
Yearn Finance Technical Analysis
The YFI/USDT price is in range mode within an ascending wedge.
At present, traders can wait for a solid close in either direction before committing.
While there are lower lows, the trend is firm to the upside.
As such, risk-averse traders can wait for a close above $40k or $30k before aligning their position with the emerging trend.
A break above may see the YFI coin fly to $44k—September highs—and later $52k.
Synthetix (SNX)
The Synthetix platform allows for the trustless trading of derivative assets using SNX for governance.
Past Performance of SNX
The Synthetix token is under pressure at press time, shaving four percent.
Although SNX buyers are optimistic, the coin may fail below a critical support line if buyers fail to flow back.
Day-Ahead and What to Expect
The path of the least resistance is lower, as per the SNX technical analysis of the daily chart.
Notably, the middle BB presents a strong resistance line, while $9 offers support to the downside.
Presently, the failure of SNX crypto bulls to push prices above the dynamic liquidation line pulls price action in favor of sellers.
Synthetix Technical Analysis
The crypto market is steadying, heaping pressure on SNX. The immediate support is at $9—a multi-month reaction level to watch out for. On the flip side, the middle BB has been tracking sellers, capping efforts by bulls. As such, traders may take a wait-and-see approach until there is a trend definition.
A sharp upthrust above $10.5 and the middle BB may see SNX/USDT float to $14. On the other hand, a dip below September 2021 lows could see the coin shrink to $7.