- YFI price retreats from resistance, signaling bearish pressure.
- Rising trade volume hints at positive sentiment for YFI.
- Oversold market conditions present a buying opportunity for YFI investors.
The Yearn. Finance (YFI) market has seen a pullback in the previous 24 hours, with bears outnumbering bulls after encountering resistance at the intra-day high of $6,563.21.
Due to this resistance, the YFI price dropped to a 24-hour low of $6,349.29, establishing support. As of press time, the YFI was still trading at $6,400.12, a 1.99% decline from its previous close.
During the retracement, YFI’s market capitalization declined by 2.07% to $211,046,486, while its 24-hour trading volume increased by 0.92% to $12,596,195. Despite the recent price drop, this movement indicates that traders are still actively buying and selling YFI.
YFI/USD 24-hour price chart (source: CoinMarketCap)
The Relative Strength Index rating of 38.42 and rising as it attempts to break over its signal line imply that the negative momentum in the YFI market is fading. This movement, together with rising trade volume, might signal a change in market sentiment towards a more positive perspective.
With the Rate of Change in the negative area at -1.60 and moving higher, the bearish momentum in YFI seems to be easing.
This might be an excellent chance for traders to participate and profit from possible price hikes. If the ROC goes into the positive range, it may indicate a change in mood toward bullishness.
YFI/USD chart (source: TradingView)
With a value of -2.05, the Fisher Transform has produced a positive crossing by moving above its signal line, indicating that the market is now oversold. This may be a good sign of a buying opportunity for investors wanting to join the market.
Moreover, the stochastic RSI on the 3-hour price chart for YFIUSD has achieved a bullish crossing and is in the oversold territory at 17.74. This movement shows that the negative momentum is fading and that a possible reversal is on the horizon as buying pressure builds.
YFI/USD chart (source: TradingView)
In conclusion, YFI’s recent price pullback presents an opportunity for traders to capitalize on potential price hikes as negative momentum fades and bullish signals emerge.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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