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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bullish Indictor Prepares Yearn Finance (YFI) For Record High; Here’s How

Yashu Gola
Yashu Gola
4 years ago
2 mins read
YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

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According to a textbook bullish indicator, Yearn Finance’s governance token YFI is preparing to target its all-time high.

Dubbed as “Ascending Triangle,” the pattern envisions YFI/USD just shy of $44,000, a record high achieved mid-September following the pair’s supersonic bull run. It anticipates YFI/USD to hold support near its ascending trendline while testing its horizontal base level as resistance.

Later, the pattern expects the pair to attempt a breakout move above the resistance level.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance Ascending Triangle pattern (in black). Source:  YFIUSD on TradingView.com

In retrospect, the Ascending Triangle is a continuation pattern that appears in the middle of a trend. Traders anticipate the market to continue in the direction of its previous trend. Therefore, they develop their trade setups accordingly.

YFI is in an uptrend. And it is now forming a rising lower trendline and a flat upper trendline. It indicates that the buyers — at present — are more aggressive than the sellers. Their continued testing of the resistance trendline weakens the level. So eventually, YFI will breakout to the upside.

Technically, the breakout’s extent will depend on the maximum height between the upper and the lower trendline. In YFI’s case, it is close to $15,000. Therefore, the Ascending Triangle’s breakout target is about $15,000 above the resistance trendline. That is just shy of $44,000 — as stated above.

Conflicting YFI Setup

As bulls eye a record high for the Yearn Finance token, they may avoid a bearish reversal pattern developing right around the Ascending Triangle.

Dubbed as Head and Shoulder, the pattern sees YFI/USD trading upward towards the $30,000-32,000 range. But thereon, it expects the pair to reverse its trend entirely to retest its neckline (the ascending trendline in black) for a negative breakout move.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency
Yearn Finance Head & Shoulder pattern. Source: YFIUSD on TradingView.com
Yearn Finance Head & Shoulder pattern. Source: YFIUSD on TradingView.com

Like in the Ascending Triangle’s case, a breakout’s target in Head and Shoulder is as far as the maximum height of the pattern. That roughly puts the YFI/USD en route to $14,729.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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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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