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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
yearn.finance yfi yearn finance

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Yearn.Finance continues to defy all other DeFi tokens and gravity itself with its unstoppable rise to stardom.

The crypto token has bounced over 15% from its local bottom, but a fractal playing out could send YFI flying high to another new record.

Yearn.Finance Flips Support As Resistance, Readies Another Rally

In technical analysis, there isn’t much more significant than a support and resistance flip.

When price action passes through support and confirms it as resistance, it is a sign that the range is in the past, and the market wants to test new prices. The same is true in reverse, just like in the example below taken from a 4-hour Yearn.Finance price chart.

The ultra-rare DeFi token with a supply of just 30,000 is now far more expensive than Bitcoin, and its sent the crypto market into a tailspin.

yfiusd sr flip yearn finance

YFIUSD 4H Support and Resistance Flip | Source: TradingView

After a pullback, and follow up rally thanks to a listing on Coinbase, Yearn.Finance is back retesting the resistance level it punched through on the way back on up.

Related Reading | YFI Reclaims Support Post Coinbase Listing, New All-Time Highs In Sight

If confirmed, another similar height rise could be next. And a fractal playing out makes a rally all the more likely.

YFI Could Target New All-Time High If Fractal Follows And MACD Crossover Completes

In addition to the DeFi token holding support, Yearn.Finance is also showing similar signs as the last time support was reclaimed.

A failed reversal signal took prices lower on the 4-hour chart, followed by four bullish engulfing candles, showing signs of bulls trying to regain control.

yfiusd macd yearn finance

YFIUSD 4H Support and Resistance Flip | Source: TradingView

Eventually, they did, and YFI went flying high once again. The move up coincided with a break of downtrend resistance, and the sort of pattern is playing out once again.

Superimposing the previous rally over the same breakout would take Yearn.Finance to a peak price of $66,000 or more.

Further giving credence to a potentially bullish outcome, is a crossover to the upside nearing completion on the MACD indicator.

The MACD is a momentum measuring tool, and if the last time the indicator crossed bullish is a sign of what’s to come, another big rally in YFI is coming any day now.

Related Reading | DeFi Darlings Chainlink, Binance Coin, Yearn.Finance Plunge Over 10%

A recovery in YFI, could also help lift the rest of the falling crypto space including other DeFi darlings like Chainlink, Binance Coin, and others.

What little bullish momentum is helping to prop up these few coins, could be partially due to another DeFi token causing a stir in the crypto space. Uniswap recently debuted their UNI token, distributing it to early users for what is essentially the crypto version of a stimulus check.

Profits from UNI, could be flowing into YFI and other DeFi projects, and also could be what was behind the recent Ethereum pump.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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