YFI Yearn Finance Coin: Will Double-Bottom Pattern Repeat?

• The YFI coin can reach the $12,364 level in 2023.
• It is currently trading at $5483 with an intraday rise of 0.45%.
• The token is down by 94.23% from its all-time high.

The YFI token marked its all-time high on 12 May 2021, when it was priced at $93,435. It is greater than the all-time high of Bitcoin. The price of the token is trading with a surge in volume of 20%. 

• The YFI coin has a market cap of $178 Million.
• It has a circulating supply of 33,039 YFI which is 90.11% of its total supply.
• The token has a current daily trading volume of $20.7 Million.

YFI Token Sentiment Analysis

The average social dominance has increased by 10.36%. The total social mentions have surged by 10.36%. The total bullish sentiments have increased by 48.74% in the last 1 week timeframe. 

The overall sentiments of the token indicate a bullish movement in the price action in a weekly timeframe. 

YFI Coin Weekly Technical Analysis 

As we can see in the chart, the price got rejected from $12364 resistance and then fell to the level of $5117 resistance. After that, it made a double-bottom candlestick pattern and showed a bullish move up to the level of $10274 resistance and then faced rejection from that level.  Now, the cryptocurrency price is again making a double bottom pattern. We have got our first bottom and we are approaching our second bottom. The bull investors are also in favor of taking the price on a bullish trend.  The confirmation of double bottom pattern can be confirmed after the price takes successful support from the $5117 support. Its bullish upward trend can give us almost 2x returns in a weekly timeframe. 

If the coin value has to reach the mark of $12364, then it has to break the resistance of $10274 and then we can easily touch our mark. The resistance break of $12364 can take it to the $17857 range. It will almost give us 3x returns. However, The bull investors have to be strong for these movements in the market and keep dominating the bearish investors. The RSI is below the neutral level of 50 and moving at 37.94 points. It is still under the oversold region and the entries can be made as the daily RSI is moving upwards and indicating a bullish scenario.

Daily MACD

The daily MACD is also indicating a bullish movement. The fast blue line has crossed the red slow line and now the blue line is moving upwards with a great amount of volume increasing daily as shown in the histogram.

Conclusion

After analyzing all the aspects, we can say that the YFI token price is going to reverse soon to the bullish side. The retest from the $5117 level will confirm the bullish side of the price soon.  The daily volume is also increasing and the entries can be made now as it is the correct time for it. The intraday traders can take entry and put their stop loss below the support level. The spot entries can be made with the targets to the resistance levels.

Technical Levels

• SUPPORT: $5117
• RESISTANCE: $10274, $12364 AND 17857

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.