Yearn.Finance Price Prediction: YFI’s technicals spell trouble as selling pressure mounts
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Yearn.Finance price is rising for the fifth straight day on Thursday, November 19, but the near-term technical outlook suggests that there could be a

  • The TD is giving sell signals on the 3-hour and 45-min charts.
  • A technical correction could drag Yearn.Finance price toward $24,000.
  • IOMAP shows the next strong resistance aligns around $31,500.
  • The TD is giving sell signals on the 3-hour and 45-min charts.
  • The TD is giving sell signals on the 3-hour and 45-min charts.
  • A technical correction could drag Yearn.Finance price toward $24,000.
  • A technical correction could drag Yearn.Finance price toward $24,000.
  • IOMAP shows the next strong resistance aligns around $31,500.
  • IOMAP shows the next strong resistance aligns around $31,500.

    Yearn.Finance price is rising for the fifth straight day on Thursday, November 19, but the near-term technical outlook suggests that there could be a correction before the next significant target is reached. As of writing, YFI price was trading near $28,000 and was on track to post its highest daily close since late September.

    outlook

    Yearn.Finance price looks overbought

    The TD Sequential indicator presented sell signals in the form of green nine candlesticks on the 3-hour and 45-minute charts on Thursday, November 19. Additionally, the Relative Strength Index (RSI) indicator on the daily chart is at an all-time high of 77, confirming the view that YFI is technically overbought.

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    YFI/USD 3-hour and 45-min chartsYFI/USD 3-hour and 45-min charts

    YFI/USD 3-hour and 45-min chartsYFI/USD 3-hour and 45-min chartsYFI/USD 3-hour and 45-min charts

    In case Yearn.Finance price reverses its direction and starts retracing, IntoTheBlock’s IOMAP shows the next critical support is located around $24,000. According to the on-chain metric, 223 addresses bought a total of 432.43 YFI at an average price of $24,337.

    On the flip side, if bulls manage to retake control of Yearn.Finance price after a correction, the IOMAP points out to a surge towards $31,500 as the next possible target. More than 270 YFI were acquired at an average price of $31,407 by 484 addresses and those investors might be looking for an opportunity to break even. Moreover, this area acted as a stiff resistance in late September and triggered a downtrend that saw the DeFI token fall all the way down to $7,500 in early November.

    Yearn.Finance IOMAP

    Yearn.Finance IOMAPYearn.Finance IOMAP

    Yearn.Finance's IOMAP

    Yearn.Finance's IOMAP

    YFI has been posting impressive gains since the first week of November but the near-term technical view hints at a pullback. On the upside, the price could struggle to push beyond $31,500 even if the bullish momentum regathers strength. 

    From: FXSTREET