The crypto market has gained strong bullish momentum, as major cryptocurrencies have made massive gains during the past month. The industry trades at an 18-month high, indicating strong bull power.
Yearn Finance price has surged more than 110% within the past week, with a cumulative gain of approximately 200% Month-on-Month (MOM). Following the news of Bitcoin’s possible rally, significant whale activities were recorded on the on-chain data, which resulted in the price experiencing a massive price jump.
The YFI price was constantly trading in a narrow space between $4,888 and $6,145 for a brief period. The price displayed minor price action during the last month’s massive price pump.
Further, the price started the month trading sideways until recently, when it gained momentum and the coin successfully broke out of the upper level. This sparked massive market attention, resulting in the YFI price breaking out of the resistance level at $9,701.
The coin was seen trading in a closed space between $9,701 and $10,805, after which the price experienced another jump in its value, comfortably breaching the upper level of $13,472.
The price was then rejected at $14,698, following which it has been trading sideways. Recently, it attempted to break out, but the rally was short-lived as it was quickly pulled back within the range. It is expected to test its upper level soon.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a massive ongoing buying and selling pressure in the market. Further, the averages show a rising pattern, suggesting the price will continue trading under a bullish influence.
Will The YFI Price Rise Back Up?
If the bulls hold the price above the resistance level of $13,472, the YFI price will continue to gain momentum and prepare to test its resistance level of $14,698 soon. Maintaining the price at that level will set the stage for the price to attempt to test its upper resistance level of $15,955 in the coming weeks.
Conversely, if the bears overpowered the bulls, the Yearn Finance price would lose momentum and fall to test its support level of 13,472 in the coming days.
Moreover, if the bears continue to dominate the market, it will continue to lose value and prepare to test its lower support level of $10,805 by the coming month.
