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Exclusive Yearn Finance (YFI) Breaks Out Above Range Highs

2 mins
Updated by Kyle Baird
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In Brief

  • YFI has reclaimed the $39,500 resistance area.
  • The next resistance zone is likely to be found near $68,400
  • YFI/USD and YFI/BTC have broken out from descending resistance lines.
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Yearn.Finance (YFI) has broken out from a descending resistance line. It followed this up by reclaiming an important horizontal resistance level.

YFI is expected to continue increasing toward a new all-time high.

YFI Breakout

YFI had been moving downwards since reaching an all-time high price of $52,880 on Feb. 12. Throughout the decrease, it followed a descending resistance line. 

After five unsuccessful attempts at breaking out, YFI finally managed to move above this line on March 29. Shortly after, it also reclaimed the $40,000 resistance area. This is a strong bullish development. Therefore, it indicates that the price is expected to move even higher. 

If so, the next resistance levels are found at:

  • $52,900 — all-time high resistance
  • $68,400  — the 1.61 external fib retracement

Technical indicators are bullish and support further upward movement. The Stochastic oscillator has just made a bullish cross and both the RSI and MACD are increasing.

YFI Movement
Chart By TradingView

Short-Term Movement

The six-hour chart is also bullish. It shows a breakout and subsequent reclamation of the minor $42,000 resistance area. 

It could drop once more in order to validate this level as support. However, the trend is considered bullish as long as it is trading above it.

YFI Short-Term
Chart By TradingView

YFI/BTC

Cryptocurrency trader @Cryptochimpanz outlined a YFI/BTC chart and stated that despite being near its all-time lows, the pair is likely to move upwards.

YFI/BTC
Source: Twitter

YFI/BTC has broken out from a descending resistance line. Similar to its USD counterpart, technical indicators are bullish. This is especially evident by the bullish cross in the Stochastic oscillator.

Its upward movement is expected to continue increasing. If so, the next closest resistance area would be found at ₿1.10. This is the 0.5 Fib retracement of the most recent downward movement. In addition, it is a long horizontal resistance area.

YFI/BTC Movement
Chart By TradingView

Conclusion

A breakout above resistance levels on both the YFI/USD and YFI/BTC charts suggests that their trends are bullish. 

Both are expected to increase toward their next closest resistance levels.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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